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Hyflux nears $290m bailout deal with potential saviour

UAE’s utility provider Utico to take 88% stake in troubled Singapore 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 -- Hyflux said Thursday that it is nearing a bailout deal with United Arab Emirates’ utility provider Utico, where the Middle Eastern company will inject a total of 400 million Singapore dollars ($294 million) to acquire an 88% stake in the embattled water treatment company.

The deal, if finalized, will pave the way for the one high-flying Singapore company to restructure its business. It remains unknown how the company's long-suffering retail investors will fare under the terms of the bailout deal.

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