Utico urges debt holders to vote scheme in

Singapore

MIDDLE Eastern utility firm Utico on Monday sought to get medium term note (MTN) holders to vote for its scheme, while cautioning them about Aqua Munda's lack of transparency in its offer to pay upfront for their debt albeit at steeper discounts.

At a two-hour townhall attended by about 70 MTN holders, which is also Utico's first meeting with MTN holders, CEO Richard Menezes assured them of Utico's ability to make the payment - both the first tranche of S$125 million and the second one of a similar quantum plus interest 18 months later - by highlighting its creditworthy shareholders such as Oman Investment Fund, the sovereign wealth fund of Oman, which recently acquired a significant minority stake in the firm, as well as Asma Capital, a Bahrain-based infrastructure fund backed by some of regional governments such as those of Bahrain and Brunei.