Hyflux requests deadline extension on Utico's revised offer

It originally planned to have the offer approved by Hyflux by 4 June.

Hyflux has requested to extend the deadline of Utico's revised offer until 30 June, an SGX filing revealed. This pertains to its proposal to pay the creditors and advisers of the struggling water firm with equity shares instead of cash.

In a previous announcement, Utico aims to have the offer approved by Hyflux’s board, major shareholder Olivia Lum and senior unsecured creditors by 4 June.

“This [10 June] afternoon, the company received an email from Mr. Richard Menezes, Executive Vice Chairman and Managing Director of Utico, which informed, amongst other things, that Utico is prepared to extend the time for Hyflux to respond to the Utico 26 May 2020 Letter to until 30 June 2020. In addition, the Utico 10 June email also set out additional terms,” the filing said.

Hyflux assured that they will make appropriate announcements following Utico’s letter.

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