Utico extends deadline for Hyflux revised offer to June 30

Hyflux said it had written to Utico on June 4 to seek clarifications on the deal.
Hyflux said it had written to Utico on June 4 to seek clarifications on the deal.PHOTO: ST FILE

SINGAPORE (THE BUSINESS TIMES) - Potential investor Utico has agreed to extend the deadline for its revised offer for Hyflux to June 30, the water treatment firm announced in regulatory filings late on Wednesday night (June 10).

In a letter to Hyflux and its stakeholders on May 26, Richard Menezes, chief executive of Emirati utilities group Utico, had said that the group would keep the revised offer valid till June 4.

Among other things, Utico had tabled an offer that all Hyflux's creditors accept shares of Utico and Hyflux as payment, instead of cash. Mr Menezes had said that he wants the terms of the rescue deal changed, citing a lack of support from creditor groups, despite an agreement being signed on Nov 26 last year.

Hyflux said it had written to Utico on June 4 to seek clarifications on the deal. It is now considering Utico's reply received on Wednesday and will make appropriate announcements when there are material developments.

Separately, the Securities Investors Association (Singapore) or Sias on Tuesday said potential Hyflux investor Aqua Munda is prepared to make an offer to the preference shares and perpetual securities (PnP) holders of Hyflux.

Sias president and chief executive officer David Gerald said Aqua Munda had reached out to Sias on Monday. It was seeking to understand the concerns of the PnP holders, so that the firm could factor these into its plans to make an offer for Hyflux.