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.
Companies
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)
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