Embattled Hyflux in talks to raise $294m from Middle Eastern utility Utico

Embattled Hyflux in talks to raise $294m from Middle Eastern utility Utico

Singapore city skyline. Photo: Nicky Loh/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.

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