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Hyflux plans to "engage exclusively" with Utico until Aug 26 deadline
Hyflux on Friday updated that as negotiations with its potential white knight, Utico, is the most advanced among all the potential investors, the company intends to engage exclusively with Utico from now until Aug 26, 2019.
This is the deadline for the company to enter into a definitive agreement with Utico for the latter’s intended investment in the group.
“The company and its advisors will negotiate diligently with Utico with a view to entering into a definitive agreement by 26 Aug 2019. The company will make the appropriate announcements as and when there are any further material developments on these matters,” Hyflux said.
Utico had earlier agreed to take an 88 per cent stake in Hyflux through a S$300 million equity injection and a S$100 million shareholder loan, and is engaging with Hyflux's creditors to work out the details of the rescue plan.
Shares in Hyflux have been suspended from trading since May last year.