Utico to offer Hyflux PNP investors part cash redemption

Singapore

WITH just days to go before the May 29 High Court hearing on the moratorium of debt-ridden Hyflux, one of its suitors - Utico - said it would offer "part cash redemption" to the retail perpetual and preference shareholders (PNP) to garner their support.

Utico chief executive Richard Menezes said in a statement on Sunday that the Emirati utilities group has at a recent meeting with Hyflux offered "part cash redemption and also a hope for full redemption with a plan and exit option".