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.
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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