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
UAE based water company, Utico, has dominated world headlines over the past few weeks since being revealed as the mystery white knight in the acquisition of Singapore’s struggling water company, Hyflux. Utico’s CEO, Richard Menezes, says that this is just the beginning as the company scales new heights in the global water utilities industry
During the meeting, Utico offered part cash redemption and also a hope for full redemption with a plan and exit option
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
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