UAE's Utico submits binding offer to invest in Singapore's Hyflux

UAE's Utico submits binding offer to invest in Singapore's Hyflux

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

Utico FZC has submitted a binding offer to invest S$400 million ($294 million) in Singapore’s indebted water treatment firm Hyflux Ltd, the chief executive of the United Arab Emirates-based utility said on Sunday.

Utico had submitted a non-binding letter of intent this month to invest in the Singaporean firm.

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