Utico to offer Hyflux PNP investors part cash redemption
Move is to garner shareholders' support, says Utico CEO
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Tay Peck Gek
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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".
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