SINGAPORE (May 6): Hyflux has identified Utico FZE as its next potential white knight investor which might make a capital injection of S$400 million, weeks ahead of its extended debt moratorium until May 24.
Hyflux had previously mentioned it was in discussions with an unidentified suitor and had already received a non-binding letter of intent (LoI) from the other party.
Utico is a United Arab Emirates (UAE) entity said to be the largest private full-service utility and developer in the Middle East. Its shareholders and investors include sovereign institutions of the governments of Oman, Saudi Arabia, Bahrain and Brunei.
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