UAE's Utico submits binding offer to Hyflux

Abu Dhabi

UNITED Arab Emirates-based utility firm Utico has submitted an offer for a binding agreement to invest in Singapore's Hyflux Ltd, Utico's chief executive said on Sunday.

Utico will also provide working capital and any urgent interim funding to Hyflux as part of the offer, Richard Menezes said. Earlier this month, Utico submitted a non-binding letter of intent to invest in Hyflux.

Another potential investor had also deepened talks with Hyflux as the insolvent water treatment firm searches for fresh funds to stave off liquidation.

Oyster Bay Fund, a global multi-strategy investment fund, is mulling over an investment and has given Hyflux a non-binding letter of intent. As an indication of its good faith and intent, the fund is prepared to buy preference and ordinary shares in HyfluxShop Holdings from the company for up to S$26 million, Hyflux had said. REUTERS