Thursday 28 Mar 2024
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SINGAPORE (July 16): After months of high tension drama as it teetered on the brink of bankruptcy, Hyflux looks like it is finally going to be saved by a white knight investor.

United Arab Emirates utilities group Utico FZC announced Tuesday it is buying an 88% stake in the debt-ridden water treatment firm for S$535 million.

Utico also intends to offer the cash equivalent of a 4% stake in the enlarged Utico group plus additional cash payouts to the holders of preference shares and perpetual capital securities.

For the full story, visit https://www.theedgesingapore.com.

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