Hyflux’s United Arab Emirates-based suitor Utico says it has agreed to extend its binding offer for Hyflux to accept by August 30, 5pm Singapore time. The deadline for Hyflux to confirm its acceptance to Utico was previously on July 31.
In a letter to Hyflux dated July 31, Utico says the letter also confirms an extension of the Restructuring Agreement (RA) that was signed on Nov 26, 2019.
Utico says that its binding offer will remain open for acceptance during the acceptance period, whether a judicial manager is being appointed or not.
Utico added that Hyflux has no other binding offers and no other offers to all stakeholders.
The Middle Eastern company then said that Hyflux would have “stronger bonafide grounds” for its application for judicial management by UWG on August 7, if there is a clear acceptance of its offer by August 6.
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