Utico FZC has submitted a binding offer to invest $400 million in Singapore's indebted water treatment company Hyflux, the chief executive of the United Arab Emirates-based utility said yesterday.Utico would provide working capital and any urgent interim funding to Hyflux as part of the offer, Mr Richard Menezes said.
Once lauded as a national champion running a strategically important water source for Singapore, Hyflux is now under a court-supervised restructuring process that could wipe out the holdings of tens of thousands of retail investors. Mr Menezes told Reuters his company would engage with Singapore's water agency PUB and retail investors in Hyflux.
"We submitted the binding term sheet last week. We are looking for the right deal that provides all stakeholders a satisfactory position in the company," he said.
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