UAE’s Utico extends deadline for binding offer to invest in Hyflux to Jun 27

SINGAPORE: United Arab Emirates utility firm Utico has extended the deadline for entering into a binding agreement with Hyflux to Jun 27, the embattled water treatment company said on Tuesday (Jun 18).

Utico, one of seven potential investors, had previously given Hyflux until Jun 17 to sign a binding agreement for its S$400 million investment.

READ: Meeting with Utico yielded ‘no conclusive numbers’ or binding agreement: Hyflux

Hyflux – whose earlier restructuring agreement with would-be white knight SM Investments was scrapped in early April – announced in May that Utico had submitted a draft term sheet but that it had not accepted or entered into any agreement with it.

Hyflux, whose year-long restructuring journey remains closely watched by tens of thousands of retail investors, has said that it remains in talks with all potential investors and will make appropriate announcements as and when there are further material developments.

READ: From making waves to drowning in red ink: Hyflux, Tuaspring and how a business giant came undone

It has previously named global multi-strategy investment fund Oyster Bay Fund and an unnamed desalination firm as its suitors.

On Saturday, Hyflux revealed that another potential white knight – an unnamed China-based investor – had submitted a non-binding letter of intent for a possible investment.