Home News Hyflux has not yet agreed to definite concessions, still on the lookout...

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

Hyflux, which is in a hurry to obtain new funds, is in no hurry to agree to the first white knight that shows up.




- Advertisement -

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 much its investors will be getting.

Hyflux’s rejoinder came after a weekend statement from Utico.

In its weekend statement, the UAE utility firm said it had met with Hyflux’s financial and legal consultants alongside the Securities Investors Association Singapore last week, and had proposed a “part cash redemption” to the 34,000 retail investors of Hyflux’s perpetual securities and preference shares.

In response, Hyflux, which is in a hurry to obtain new funds, made it clear that the meeting with Utico was focused “on high-level views which entailed no conclusive numbers or percentages, or indeed any binding agreement, whether in respect of the (perpetual securities and preference shareholders) or any other stakeholder groups.”

- Advertisement -

The financially-drained water treatment firm added: “Further, the company and its advisors understand that the statements … are exploratory in nature and are approaches currently contemplated by Utico.”

Hyflux likewise confirmed that it is still conducting exploratory talks with several potential investors.

Apart from Utico, it has previously disclosed global multi-strategy investment fund Oyster Bay Fund and an unidentified desalination entity as among its possible partners.

Earlier this month, Hyflux issued an elucidation to Utico after the latter said it had submitted a binding investment offer. Hyflux said all it had was a “draft term sheet.”

Referring to that “sheet,” Hyflux stressed that it “had not accepted or entered into the term sheet received” from Utico.

“This position has not changed,” it added.

Hyflux’s court-sanctioned debt moratorium, which has already been extended thrice, will end on Wednesday.

Send in your scoop to news@theindependent.sg 

- Advertisement -

Jolin Tsai’s perky butt got the internet abuzz

Taipei -- Mandopop diva Jolin Tsai isn't shy of flaunting her figure in all kinds of sexy and revealing outfits and her fans are just lapping it up. The 40-year-old singer uploaded a couple of photos from her trip to Yangmingshan...

Man attacks teen, calls him a virus, damages his phone

Singapore—A sudden attack took a teen by surprise when one man started yelling at him, physically harming him, and throwing his phone into a nearby drain at around 10.30pm on Tuesday (Feb 23) on a section of the road near the...

3 migrant workers die after 10 injured in Tuas industrial building blast

Singapore – Three of the 10 workers injured in an explosion at an industrial building in Tuas on Wednesday (Feb 24) died on Thursday. The Singapore Civil Defence Force (SCDF) responded to a fire at No. 32E Tuas Avenue 11 at around...

Send in your scoop to news@theindependent.sg