The proposed investment will see Utico invest in an 88% stake in Hyflux for an investment amount comprising $300 million as equity and $100 million as a shareholder loan.
SINGAPORE (July 11): Hyflux says it has had informal discussions with United Arab Emirates utilities group Utico FZC, even after the extended deadline for entering into a binding agreement lapsed on June 27.
The debt-ridden water treatment firm earlier announced had received a non-binding letter of intent from Utico for a possible $400 million injection to be used for equity and working capital purposes as well as possible urgent interim funding.
