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Hyflux to arrange virtual Townhall for P&P

  • Hyflux to arrange virtual Townhall for P&P

About the entity

Utico
UTICO is U.A.E’s largest private Build-Own-Operate company for Desalination with capacity of 160,000 m3/day Sea water Reverse Osmosis plant and Gas based Power generation capacity of 120 MW and 270 MW.
Web
Schneider Electric
Idrica

Themes

Hyflux today delayed the P&P virtual Townhall to give Pison time to make an offer to P&P working with SIAS.

However SIAS issued a letter to Hyflux on 7th October that there are no offers to P&P other than Utico.

Utico also issued a letter asking Hyflux as Obligor to arrange the virtual Townhall and publish the invitation on SGX for 10th October 4pm or 11th October 2020.

Hyflux agreed to hold the Townhall once UWG and MTN agree to Utico proposal.

However, it is interesting to note that as per Hyflux’ s own statement, UWG has asked Pison to ensure P&P agrees to their offer prior to UWG engaging with investors including Pison.

Utico and SIAS letters published on Hyflux announcements, also state that 3 representative sample votes from P&P have given majority approval for Utico offer so far. The only approvals Hyflux has received for any offer to P&P. Utico stated that this remains a key indicator for accepting Utico offer.