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Utico confirms town hall, calls PNP and MTN holders

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  • Utico confirms town hall, calls PNP and MTN holders

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.
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Utico has confirmed that a town hall will be held on 20th January, 2020 for PNP and MTN holders.

In a statement, the company said the town hall for MTN holders will be held at Sheraton Towers during noon and for PNP at Suntec Convention Centre in the evening.  Securities Investors Association Singapore (SIAS) has already arranged and notified the town hall to all registered investors.

Utico stated that it hopes that maximum investors will participate to enable a good engagement to take a joint decision. “Utico was the only white knight that has tried hard to think for these investors other than creditors too. Also, this stand has been consistent from our entry as a white knight. We as ethical investors will follow this route strictly,” said Mr. Richard Menezes, CEO of Utico.

“Having said that I would like to remind that Utico did not cause this situation. The Note holders invested in unsecured, unguaranteed securities for use in Hyflux business,” he said. Hyflux business ran into trouble for more reasons than one and hence is in its current situation, Mr. Menezes said. 

“Utico is there as a white knight to remedy and build this business which we believe with new management, can succeed. More importantly as an ethical white knight, we will retain all good employees and ensure that all stakeholders are aligned to support this deal. We have worked tirelessly for 10 months to ensure we achieve this outcome” he stated.

“We are willing to walk away if note holders vote against it or don’t want us. However, I believe that taking part in the town hall will present the correct forum to know facts and take a decision,” Mr. Menezes added.

Utico further stated that it has nothing to do with Aqua Munda and some doubts cast in this direction must be removed. It stated that it doubts their credibility to walk the talk holistically.