Hyflux in Talks With Middle East's Utico for S$400 Million Funds - Bloomberg:
Singapore’s Hyflux Ltd., the water and power company battling for survival, said it is in talks with Middle Eastern utility Utico FZC about securing S$400 million ($294 million) of funds, disclosing the identity of the potential investor after receiving a non-binding letter of intent.
Hyflux’s legal and financial advisers are in discussions with Utico on the details of the investment, with a view to set them out in a binding term sheet, it said in a filing to the Singapore exchange late Friday. Utico informed Hyflux it plans to keep the company’s main businesses so they remain operational, and to retain current management, according to the statement.
Hyflux said April 25 it had received a non-binding letter of intent from an undisclosed Middle East developer. The possible injection of S$400 million will be used for equity and working capital purposes and “possible urgent interim funding,” it said.
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