Hyflux’s Middle East suitor raises offer, extends deadline again

Tuaspring Integrated Water and Power Plant. (Source: Hyflux)

By Ameya Karve

(Bloomberg) -- Utico FZC, the Middle Eastern suitor of troubled Singaporean water treatment company Hyflux Ltd., raised its offer for the firm.

Utico also pushed out its deadline to the end of July, according to a statement on Thursday. It is the third time that the bidder has extended its deadline since initially offering to invest a total of S$400 million ($287 million) in Hyflux by the end of May. The current cash and stock deal now values Hyflux at a minimum S$485 million, the statement said.

Utico said the latest offer gives a chance of a higher recovery for retail investors in Hyflux, without giving any details. Hyflux has attracted several other suitors, complicating a final rescue deal.

Hyflux said last month that it had received a letter from Johnny Widjaja expressing an interest in investing up to S$300 million in the group “by the most expedient manner possible, including buying up the existing debt.”

Spain’s FCC Aqualia SA and Singapore-based Longview International Holdings Pte have separately announced their interest in investing in the crisis-hit company, while little-known Aqua Munda Pte in December offered to purchase debt of Hyflux noteholders and unsecured creditors.

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