Utico, based in the United Arab Emirates, said in a statement it had signed a restructuring agreement with Singapore's indebted water treatment company Hyflux Ltd, giving Utico 88 per cent of the company.
The UAE-based firm said it agreed a deal with Hyflux on Monday, but the financial details were not divulged.
“The deal finds a resolution for creditors and PNP (perpetual and preference shareholders) investors and development projects that have been languishing since the moratorium in May 2018,” Utico said in a statement.
“With the support of Hyflux Board and management, swift action will be taken to bring all projects up to speed as well as take on new projects for the company.”
