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Business deals

Hyflux reaches $290m deal with Middle Eastern savior

UAE's Utico to acquire 95% of embattled Singapore water company

Hyflux has reached a restructuring agreement with Utico that will see the Middle Eastern utility take a 95% stake in the troubled water treatment firm. (Photo by Shinya Sawai)

SINGAPORE -- Embattled water company Hyflux said Tuesday that it has reached a restructuring agreement with United Arab Emirates-based utility company Utico, which will invest 400 million Singapore dollars ($290 million) and acquire a 95% stake in the Singapore company.

The announcement came as Hyflux faces the deadline for its $2 billion debt moratorium on Dec. 2. The company is to explain the progress of the restructuring negotiations at a court hearing this Friday Nov. 29, where it will seek another extension of the moratorium.

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