News

Utilities

Staff Reporter

, Singapore

Published:

6 years ago

Hyflux deadline to ink Utico deal extended to August 26

This is reportedly to account for the number of public holidays in August.

Troubled water treatment facility Hyflux now has until 26 August to seal a $400m investment deal with would-be white knight Utico, an announcement revealed.

The revised deadline reportedly came after taking into account the number of public holidays in August, Hyflux said in a statement.

On Friday, Utico’s chief executive Richard Menezes said that the UAE-based utility firm reserves the right to walk away if Hyflux hasn’t signed a deal by 16 August. Utico is planning to take up an 88% equity stake in the water treatment firm through a $300m equity injection and a $100m shareholder loan.

Also read: Utico's 88% stake acquisition in Hyflux could reach $535m

He noted that currently they are “just a millimetre away from signing,” and that the finalisation of the deal now solely depends on Hyflux’s side.

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