ABU DHABI (May 13): United Arab Emirates-based utility firm Utico has submitted an offer for a binding agreement to invest in Singapore's Hyflux, Utico's chief executive said on Sunday.

Utico will also provide working capital and any urgent interim funding to Hyflux as part of the offer, Richard Menezes said.

Earlier this month, Utico submitted a non-binding letter of intent to invest in Hyflux.

See: Hyflux names UAE firm as next potential suitor with $400 mil injection deal

See also: Hyflux receives another LOI, this time from Oyster Bay Fund to invest up to $500 mil