is buying an 88 per cent stake in Singapore-based water treatment company Hyflux, the companies said in a joint statement on Tuesday .
Utico said the deal is subject to various regulatory approvals, as well as approval from creditors, the Singapore Stock Exchange, investors and the court. Hyflux will remain as a separate-listed company, the statement added.
“The aim is to save time and move expeditiously as both Utico and Hyflux, investors and creditors are aware of the fact that time is of essence in preserving the value of the Singaporean company and arrest further slide,” said Mr Richard Menezes, managing director of Utico. Utico also intends to offer the cash equivalent of a 4 per cent stake in the enlarged Utico group plus additional cash payouts.This, according to Mr Menezes, could give Hyflux’s perpetual securities and preference shareholders “50 per cent of their first S$2,000 to S$3,000 as well as a cascade and staggered deal to the rest, thus offering them options to exit and hope for full redemption”.
In its statement, Utico cited Mr Menezes as saying that the aim for both parties is “to enter into a definitive agreement on the proposed investment with the approval of senior creditors at the earliest and hold a town hall for both PNP and medium term note holders” before the next court hearing on Aug 2.
Source: News Formal (newsformal.com)
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