S$400mn restructuring moves closer to finalisation
Company to recruit 100 more to its workforce mostly in the UAE, and in its new markets of Saudi Arabia, Oman and Singapore
Utico says that with the support of Hyflux’s board and management, "swift action" will be taken to bring all projects up to speed, as well as take on new projects
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 says that it is in continued talks with Utico and stakeholders and material developments will be announced on SGXNet as appropriate