Utico extends deadline for binding agreement with Hyflux to 27 June

The Middle Eastern firm initially hoped that the deal would have already been sealed by 17 June.

Hyflux’s potential Middle Eastern white knight Utico has extended the deadline for the firm to enter into a binding agreement until 27 June, a filing with the Singapore Exchange (SGX) revealed.

Utico, a private full service utility and developer, expressed intent over a possible $400m injection into the embattled water treatment firm after the former’s deal with SM Investments (SMI) fell through in early April. Utico had previously hoped an agreement would be inked by 17 June.

Also read: Embattled Hyflux speeds up asset sale amidst liquidity crunch

Hyflux is continuing to engage with other parties who have expressed an interest to invest in the group’s business and assets. It received a non-binding letter of intent from global multi-strategy investment fund Oyster Bay mulling an investment of up to $500m in May, whilst an unnamed state-owned power service firm from China has also indicated interest.

The firm was able to get some reprieve in end-May after the Court granted another debt moratorium extension to 2 August. Hyflux first applied for a moratorium extension in April, which was granted by the court and pushed back to 24 May, before being extended again to 29 May, after efforts by seven unsecured banks to put the firm and its subsidiary Hydrochem under judicial management as part of the Companies Act were blocked.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia