SINGAPORE - Hyflux's would-be white knight Utico warned on Thursday that it will shrink its proposed $300 million equity injection to $200 million by early next week if the embattled water treatment firm has by then still not signed a definitive restructuring agreement.
Utico said that Hyflux adviser Nicky Tan led recent talks with Utico's board of directors. According to Utico, its chairman Rashid Al Balooshi and Mr Tan said they will discuss with all other advisers to recommend they agree to the fee limit. Excluding the equity injection, the other portions of the package will remain the same even if the restructuring agreement is not signed by early next week, Utico said on Thursday.
On Wednesday, Hyflux said its executive vice-president and group chief financial officer, Lim Suat Wah, will go on sabbatical leave from Nov 8.