Press Statement: Lack of finality on Utico’s offer – SIAS concerned

Date: November 20, 2019

SIAS has been closely monitoring the progress of the negotiations between Hyflux and Utico, the investor, in the last few months. SIAS is seriously concerned that there is no finality yet on Utico’s offer.

SIAS is concerned that while Hyflux together with the various creditor groups have been working within the timelines as required by the Court to try and work out a deal acceptable to everyone, some deal changes have been repeatedly introduced at the eleventh hour by the investor.  SIAS hopes that such strategies designed to achieve advantages for one party only would not be allowed to scuttle an outcome which could potentially benefit a great number of stakeholders, including the holders of the perpetual securities and preference shares.

Given the substantial amount of time, effort and resources invested by all the stakeholders, SIAS urges all parties, including the investor to continue negotiations with a view to achieve  a commercially acceptable outcome for all stakeholders involved, including in particular, the holders of the perpetual securities and preference shares.


David Gerald
Founder,  President & CEO
Securities Investors Association (Singapore)