Press Statement: SIAS does not endorse any deal; calls on Utico to put proposal acceptable to all creditors

Date: July 30, 2020

We refer to the Business Times article “Utico seeks Sias endorsement as Hyflux judicial management looms” dated 29 July 2020.

SIAS wishes to clarify that SIAS’ role is to facilitate communication between the relevant stakeholders and the P&P Holders, and to provide information to P&P Holders on the various offers made so as to enable the P&P Holders to make an informed decision when deciding whether to support any offer made by Utico, or any other potential investor.  It does not intend to endorse Utico’s offer, or any of the other offers made by other potential investors such as Aqua Munda or Pison Investments based on the current terms.

In addition, the issues highlighted by SIAS in its Press Release of 19 July 2020 have not been satisfactorily addressed and we urge Utico to address them promptly.  In order for the restructuring to go through, Utico needs to have a restructuring proposal that is acceptable to all the creditors and not just the P&Ps.

David Gerald
Founder, President & CEO
SIAS