Sias doesn't endorse any Hyflux rescue deal; urges Utico to address concerns
Sharanya Pillai
Singapore
THE Securities Investors Association (Singapore), or Sias, does not plan to endorse the rescue offers for Hyflux put forth by potential white knights including Utico, Sias chief executive David Gerald said in a statement on Thursday.
He was responding to a July 29 statement by Utico, urging Sias to endorse the Middle Eastern utility firm's proposed S$485 million cash-and-stock rescue package for Hyflux. The deal is currently the only offer on the table for retail investors holding Hyflux's perpetual and preference shares (PnPs).
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