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
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 private utility will roll out a unique `On Demand’ utility model, which has huge contingent credit impact reduction worth billions of dollars for Oman
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