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Singapore's Hyflux strikes $300 mln rescue deal with UAE's Utico

Reuters SG

SINGAPORE, Nov 26 (Reuters) - Embattled Singapore water firm Hyflux said on Tuesday it had entered a restructuring deal worth S$400 million ($293 million) with United Arab Emirates-based utility Utico FZC.

The deal will see Utico subscribe to S$300 million in Hyflux shares, giving it a 95% stake, and inject working capital of S$100 million, the Singapore company said in a statement.

The agreement comes after debt-laden Hyflux - once lauded as a national champion running a strategically important water source for the city-state - entered a court-supervised restructuring process this year that threatened to wipe out the holdings of tens of thousands of retail investors.

($1 = 1.3639 Singapore dollars)

(Reporting by John Geddie; Editing by Tom Hogue)