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Utico signs deal to rescue Singapore's Hyflux

  • Utico signs deal to rescue Singapore's Hyflux

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, 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.”