Alleged differences within Hyflux board causing holdup in signing rescue deal: Utico

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SINGAPORE-Alleged differences within the Hyflux board over advisors' fees, board representation and management oversight were cited by potential white knight Utico as reasons why the restructuring deal has not been signed by the embattled water treatment firm.. Read more at straitstimes.com.

SINGAPORE - Alleged differences within the Hyflux board over advisers' fees, board representation and management oversight were cited by potential white knight Utico as reasons why the restructuring deal has not been signed by the embattled water treatment firm.

The UAE utility had claimed on Tuesday it"signed and released" a restructuring agreement with Hyflux on Aug 26 that will give it 88 per cent of the water firm. The utility said the"outstanding issues... predominantly refers to internal board level issues of Hyflux, probably including differences over advisors' fees, which Utico has capped at S$25 million in the restructuring agreement".

Source: Healthcare Press (healthcarepress.net)

 

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