The deal would see Utico take an 88 per cent equity stake in Hyflux for S$300 million as equity and S$100 million as a shareholder loan.
Hyflux shareholders and directors not acting in time to contain value leakage
Hyflux first received an expression of intent to invest from Utico in late April after its deal with Indonesia's SM Investments (SMI) fell through
Hyflux says that it is in continued talks with Utico and stakeholders and material developments will be announced on SGXNet as appropriate
Total deal value seen at S$535 million; Hyflux will remain a separate listed entity
Utico has requested that a PNP town hall is arranged during the week commencing 7 July 2019 if a binding agreement is entered into in line with the time line referred to above
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