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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.