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Business deals

Singapore's Hyflux finds savior in UAE's Utico

Founder of troubled water company Olivia Lum to remain as CEO in deal worth $290m

The Utico bailout will pave the way for Hyflux, the once high-flying Singapore company, to restructure its business. (Photo by Lim Weixiang)

SINGAPORE -- United Arab Emirates-based utility provider Utico FZC said on Tuesday that it had signed a deal worth S$400 million ($290 million) to acquire 88% of debt-ridden Singaporean water company Hyflux.

The deal paves the way for the once high-flying Singapore company to restructure its business. A Utico spokesperson told the Nikkei Asian Review that Hyflux founder Olivia Lum would remain as chief executive, adding that including perpetual securities and preference (PNP) share payouts, the deal was worth more than S$535 million.

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