Hyflux said it"envisions" an investment of up to S$500 million in the Group by the fund, subject to regulatory clearance, due diligence and the execution of a definitive agreement.
Back then, months before Hyflux filed for bankruptcy protection in May, Hyflux distributed 70 per cent of the shares of HyfluxShop to Hyflux shareholders via a dividend in specie, resulting in Olivia Lum, Hyflux's controlling shareholder, owning 23.8 per cent of HyfluxShop. At the same time, Hyflux also agreed to buy S$20 million HyfluxShop preference shares with a 6 per cent annual dividend.
Two weeks ago, Hyflux received a non-binding letter of intent from Emirati utilities group Utico. Discussions with Utico are based on a possible injection of S$400 million to be used for equity and working capital purposes and possible urgent interim funding, Hyflux said then.
MarissaLeeBT is this the Oyster Bay Fund that Hyflux is referring to? OR OR THIS