Bloomberg/Ore Huiying
Singapore-based Hyflux, the embattled water treatment firm has secured a restructuring deal worth SGD 400 million ($293 million) from UAE-based utility Utico, reported Bloomberg.
In a statement, Hyflux said that the deal will see Utico subscribe to SGD 300 million in Hyflux shares, giving the utilities firm a 95 per cent stake and inject working capital of SDG 100 million.
Hyflux, Singapore’s highest-profile debt restructuring, had been looking for an investor after a deal with Indonesian consortium SM Investments fell through in April 2019—a catastrophic slump that stunned 34,000 individual investors and prompted a rare public protest in the country.
Under the proposed terms of the court-approved restructuring, SDG 250 million is to be paid to the unsecured debt holders. Perpetual and preference shareholders can opt for an upfront cash payment or payment in instalments.
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CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
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