Utico says it will support Hyflux’s moratorium extension if company stops ‘value leakage’

According to Utico, differences over advisers’ fees, board representation and management oversight remain as “key gap items”.

“Utico received majority approval from the representative PNP attendees for the townhall conducted at Sheraton Singapore on Aug 1, 2019. The approval poll of that was over 77 per cent," according to Friday's statement. “The representative sample as per SIAS was accurate within plus or minus 5 per cent,” said the spokesperson.Last weekend, SIAS also expressed its support for Hyflux's request of a two-month moratorium extension beyond the current expiry date of Sep 30.

“SIAS notes that negotiations with Utico has reached an advanced stage and is fully supportive of the Hyflux’s plan to seek a two month extension to facilitate negotiations with Utico with a view to finalise and execute the proposed restructuring agreement.

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