Utico proposed a rescue package which will see it taking an 88 per cent stake in Hyflux through a S$300 million equity injection and a S$100 million shareholder loan. In addition, Utico intends to offer the cash equivalent of a 4 per cent stake in the enlarged Utico group plus additional cash to PNP investors.
In addition, Utico said it has also written to the Securities Investors Association or Sias, stating that the utility firm is keen to file an affidavit with Sias' support and to offer further testimony of Utico's negotiations with Hyflux starting from its offer and entry in mid-April 2019, if the court requires it.
"Hyflux's board is also obliged by fiduciary duty and responsibility to accept the highest offer without prejudice to creditors and PNP investors," Mr Menezes noted.Mr Menezes emphasised that his company is still committed to the same terms under the Aug 26 agreement.
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