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.
MOST READ
BUSINESS
HSBC considering exiting from TurkeyBUSINESS
ECI, HSBC partner to support UAE businessesBUSINESS
National Bank of Oman to exit from EgyptBUSINESS
Salt Bae backers seek a partner and a $1...BUSINESS
Oman plans to launch new regional airline
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.
Loading More post
