Utico clarifies that Hyflux has until Aug 26 to ink a deal

DAYS after it gave Hyflux an ultimatum to sign a definitive deal, failing which it would walk away from a potential investment into the insolvent water treatment firm, Middle Eastern utility firm Utico has changed its mind.

Utico is now giving Hyflux until Aug 26 to enter into a definitive agreement, after taking into account the intervening public holidays in August, said Hyflux in a statement on Monday.

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.