In an interview with Utilities Middle East, Richard Menezes, managing director, Utico, said that the company is in the process of acquiring two internationally renowned utilities companies once the deal with Singapore's Hyflux is secured. He says that this fits into the company's ongoing expansion strategy.
Utico, which recently unveiled a S$400 million binding offer White Knight investment to Hyflux, said that this bonafide endeavour of inviting retail investors for a town hall meeting was intended for a resolution to support the Hyflux deal
The agreement includes interim funding possibility as well as engagement with Public Utilities Board (PUB) and retail investors to strike out a win-win deal.
The potential $294mn injection will be used for equity and working capital purposes and possible urgent interim funding to support the Singaporean water and power company battling for survival
Hyflux, through its wholly-owned subsidiary, Hydrochem Saudi, signed a Memorandum of Understanding (MOU) with Saudi Arabia's state-owned Saline Water Conversion Corporation (SWCC) on Sunday
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