Tag: Utico

Hyflux: No definitive agreement with Utico just yet

Singapore—While reports emerged that United Arab Emirates-based utility Utico had already struck a restructuring deal with beleaguered water-treatment firm Hyflux on Wednesday, August 28, Hyflux hastened to clarify by the evening of that day that a definitive agreement with the Middle Eastern company had...

Would-be Hyflux white knight urges water treatment firm to choose investor “without delay”

Singapore—Middle Eastern utility company, Utico which has expressed interest in investing in Hyflux, the beleaguered Singaporean water treatment company for a few months now, said on August 14 that because Hyflux is “leaking value,” the company needs to decide on an investor right away. In...

Hyflux white knight Utico to buy 88% stake for S$535 million

Singapore—Middle Eastern utility company Utico will buy an 88 percent stake in beleaguered water treatment firm Hyflux, for the amount of S$535 million. This was announced via a statement from Utico on July 16, Tuesday. Utico said that the agreement is subject to several regulatory approvals,...

Utico extends Hyflux signing deadline to June 27, requests town hall for shareholders by July

Singapore—Embattled water treatment company Hyflux has received an extension from Middle East utility company Utico on its term sheet signature validity. Originally expiring on June 17, the term sheet validity of Utico has been extended by 10 days to June 27. Furthermore, Utico said that if...

Hyflux gets 2-month extension on debt moratorium

Singapore— While Hyflux continues to meet with potential investors to discuss a rescue and restructuring plan for the beleaguered water treatment firm, the High Court allowed on May 29, Wednesday, a two-month extension for Hyflux and three subsidiaries on their debt moratorium. The company's new...

Hyflux has not yet agreed to definite concessions, still on the lookout for other investors

In its continued search for potential investors, Hyflux confirmed in a statement that it had a recent meeting with Utico but that the meeting did not involve any decisive arrangements or binding agreements nor was there mention of any conclusive monetary figures on how...

Hyflux’s 34,000 retail investors may get cash redemption from white knight Utico

Singapore—In what seems like a ray of hope for the 34,000 retail investors who stand to lose the money they had put into embattled water treatment firm Hyflux, the company’s would-be white knight, middle eastern utilities company Utico, announced on May 26 (Sunday) that...

After severe cost-cutting, Hyflux’s Olivia Lum says the company has enough funds for 2-3 months operations

Singapore--Hyflux founder Olivia Lum has said in court documents that the embattled water firm has enough funds for two to three months, following some very strict cost-cutting measures. After a debt moratorium was imposed on Hyflux last year, the company let go of employees and...

Hyflux reveals Middle Eastern utility company Utico is its new would-be white knight

Singapore—Much beleaguered water treatment firm Hyflux has announced that it is currently in talks with Utico FZC, a utility firm based in the Middle East, for a much-needed investment of funds to the tune of S$400 million (US$294 million). Hyflux received a non-binding letter of...