SINGAPORE (May 10): Hyflux International says it has received another non-binding LOI (letter of intent) from Oyster Bay Fund to invest up to $500 million in the group, subject to regulatory clearance, due diligence and the execution of a definitive agreement.

Oyster Bay Fund, a global multi-strategy investment fund with a long-term investment objective, has indicated that it is keen to work with the company and its advisors on the terms and execution of a binding agreement as soon as possible.

As an indication of the investor’s good faith, Oyster Bay Fund is prepared to purchase preference and ordinary shares in HyfluxShop Holdings from the company for up to $26 million, which the Hyflux understands from the investor is to be used as working capital.

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