Press Statement: Utico’s offer to Hyflux

Date: November 26, 2019

SIAS is pleased that a deal has been struck between Hyflux and Utico. We have always been against judicial management or liquidation which brings no benefit at all to retail investors, the P&Ps. When the first deal failed, many gave up hope and when Nicky Tan was appointed to restructure the company, some even asked what can be done. They did not have any hope. However, through relentless efforts, Nicky Tan and the Board, have achieved a deal. SIAS will arrange for dialogue sessions for investors to understand the deal.

Some investors have been sceptical about the ability of Nicky Tan to turn around the company when PUB had pulled the plug. One investor in particular asked “Who will come in at this stage? The water plant is being taken away.” In the circumstances, SIAS is glad that there is now a deal on the table for investors to consider. Something is better than nothing.


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