August 28, 2019 / 6:19 PM / 4 months ago

Singapore's Hyflux says no definitive deal reached with UAE's Utico

(Reuters) - Singapore’s indebted Hyflux Ltd (HYFL.SI) said no definitive restructuring deal with Utico FZC has been reached yet after the United Arab Emirates-based utility company said a deal had been agreed where it would take 88% of the water treatment firm.

Both companies are, however, in advanced discussions and were trying to resolve some final issues before a definitive deal could be signed, Hyflux said in a statement to the Singapore Exchange late on Wednesday.

At the start of the week, Utico said a deal had been reached without disclosing financial details.

Hyflux, which is under a court-supervised restructuring process, was once considered a national champion running a strategically important water source for the city-state.

Utico did not respond to a request for comment outside regular business hours.

Reporting by Nikhil Kurian Nainan in Bengaluru; Editing by Shailesh Kuber

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