It is also looking to buy Hyflux shares for up to $26m.
Embattled water firm Hyflux announced that it has received another non-binding letter of intent from global multi-strategy investment fund Oyster Bay Fund which is looking to invest up to $500m, a filing on the Singapore Exchange (SGX) revealed.
Oyster Bay Fund is reportedly prepared to purchase preference and ordinary shares in HyfluxShop Holdings from the company for up to $26m, of which proceeds will be used as working capital.
“The investor has indicated that it is keen to work with the company and its advisors on the terms and execution of a binding agreement as soon as possible. The letter of intent is stated to automatically terminate if a judicial manager or liquidator is appointed over the company,” Hyflux said.
Hyflux is also continuing to engage with other parties who have expressed an interest to invest in the group’s business and assets. Hyflux revealed that it is in talks with potential white knight Utico, a Middle Eastern private full service utility and developer, which expressed intent over a possible $400m injection after its earlier deal with SM Investments (SMI) fell through.
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