SINGAPORE (THE BUSINESS TIMES) - Aqua Munda, the company that has offered to buy certain debts of embattled Hyflux, announced it will appoint two more non-executive directors including Singapore's non-resident ambassador to Kuwait, Zainul Abidin Rasheed.

The company, which has been criticised by Utico - a potential white knight of Hyflux - for not being transparent, made the announcement through Hyflux to the Singapore Exchange on Thursday (March 5).

Mr Zainul, currently corporate adviser to Temasek International, was a senior minister of state and member of parliament in the past.

Aqua Munda's other appointment of non-executive director is Rashed Mubarak Alhajeri. Mr Al Hajeri has held a number of senior roles in government and the private sector in Abu Dhabi. He was chairman of Agthia Group and Alfoah Company as well as chairman of the Department of Municipal Affairs. He has also served as chairman of the Department of Civil Service and an executive director at the Abu Dhabi Investment Authority.

Hyflux said it would make the appropriate announcements as and when there are any further material developments.

Aqua Munda announced the appointment of former Indonesian minister Rizal Ramli as non-executive director last week. It was criticised publicly by Utico in January for having just formed in the morning and in the afternoon made an offer to buy out some of Hyflux's debts from noteholders and unsecured creditors at a minimum discount of 85 per cent.

The offer is open to holders of Hyflux's 4.25 per cent notes due in 2018, 4.6 per cent notes and 4.2 per cent notes due last year, as well as holders of other senior unsecured, trade and contingent debts of Hyflux and three of its subsidiaries.

These creditors are owed some $1.8 billion in total.