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Utico says Hyflux delaying townhall to give suitor Pison time

·1-min read
Hyflux applies for debt moratorium extension as it claims to have plan to avoid liquidation
Hyflux’s Tuaspring power plant in Singapore. (PHOTO: Hyflux)

By Abhishek Vishnoi and Melissa Cheok

(Bloomberg) -- Utico FZC., the Middle Eastern suitor for Singapore’s Hyflux Ltd., said the embattled water treatment company delayed a virtual townhall meeting to give a potential rival time to make an offer to some holders of preference shares and perpetual securities.

Hyflux delayed the townhall that was planned for Saturday to allow Pison Investments time to put forward its proposal, Utico said in a statement, urging for the meeting to go ahead as scheduled or postponed to Sunday. Pison last month said it was still keen to invest in Hyflux.

The water treatment company on Friday asked Utico to set out its position ahead of the meeting.

Hyflux was one of Singapore’s success stories before an ill-timed foray into the energy business that eventually led to it starting a court-supervised process in 2018. The extended path toward resolution of its debts has left some 34,000 individual investors in the lurch.

© 2020 Bloomberg L.P.