UAE's Utico offers part cash redemption to embattled Hyflux's investors

UAE's Utico offers part cash redemption to embattled Hyflux's investors

People gather during a protest on Hyflux Ltd. debt restructuring plan in Singapore on March 30. Photographer: Bryan van der Beek/Bloomberg

Middle Eastern utility firm Utico FZC has offered part cash redemption and “hope for full redemption with a plan and exit option” to investors of embattled Singaporean firm Hyflux if they support the white knight investor’s S$400-million ($294 million) offer.

“Full details can only be revealed later, but as part of the overall deal, small investors of up to S$2,000 to S$3,000 could get 50 per cent cash redemption along with full redemption opportunity while the rest of the investors could get a similar but staggered and cascade deal,” said Utico chief executive Richard Menezes in a statement on Sunday.

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