Originally posted to the Reuters website, 26 November 2019
SINGAPORE (Reuters) – Embattled Singapore water firm Hyflux (HYFL.SI) said on Tuesday it had entered a restructuring deal worth S$400 million ($293 million) with United Arab Emirates-based utility Utico FZC.
The deal will see Utico subscribe to S$300 million in Hyflux shares, giving it a 95% stake, and inject working capital of S$100 million, the Singapore company said in a statement.
The agreement comes after debt-laden Hyflux – once lauded as a national champion running a strategically important water source for the city-state – entered a court-supervised restructuring process this year that threatened to wipe out the holdings of tens of thousands of retail investors.
Link to the original post: https://www.reuters.com/article/us-hyflux-restructuring-utico/singapores-hyflux-strikes-300-million-rescue-deal-with-uaes-utico-idUSKBN1Y00IH
