News analysis

Will Utico's rescue deal for Hyflux secure enough votes?

Utility firm must make sources of funding, other financial data more transparent

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An end may finally be in sight for hapless investors of the failed Hyflux perpetual securities and preference shares (PnP) following a two-year wait to recoup their losses. But for many, it may be cold comfort.

The 34,000 investors, who are owed $900 million in total, are expected to vote in March on United Arab Emirates utility provider Utico's $400 million rescue deal for the distressed water treatment firm. This is on the assumption that, among other things, the High Court tomorrow grants Hyflux a three-month extension of its debt moratorium and to hold scheme meetings.

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A version of this article appeared in the print edition of The Straits Times on January 28, 2020, with the headline Will Utico's rescue deal for Hyflux secure enough votes?. Subscribe