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Business deals

Singapore's Hyflux says no definitive deal reached with UAE's Utico

Singapore's indebted Hyflux Ltd said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm.

Both companies are, however, in advanced discussions and were trying to resolve some final issues before a definitive deal could be signed, Hyflux said in a statement to the Singapore Exchange late on Wednesday.

At the start of the week, Utico said a deal had been reached without disclosing financial details.

Hyflux, which is under a court-supervised restructuring process, was once considered a national champion running a strategically important water source for the city-state.

Utico did not respond to a request for comment outside regular business hours.

(Reuters) 

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