Utico, the Middle Eastern suitor of troubled Singaporean water treatment company Hyflux, raised its offer for the firm.
Utico also pushed out its deadline to the end of July, according to a statement on Thursday. It is the third time that the bidder has extended its deadline since initially offering to invest a total of S$400 million ($287 million) in Hyflux by the end of May. The current cash and stock deal now values Hyflux at a minimum S$485 million, the statement said.
Utico said the latest offer gives a chance of a higher recovery for retail investors in Hyflux, without giving any details. Hyflux has attracted several other suitors, complicating a final rescue deal.
Hyflux said last month that it had received a letter from Johnny Widjaja expressing an interest in investing up to S$300 million in the group “by the most expedient manner possible, including buying up the existing debt.”
Spain’s FCC Aqualia SA and Singapore-based Longview International Holdings Pte have separately announced their interest in investing in the crisis-hit company, while little-known Aqua Munda Pte in December offered to purchase debt of Hyflux noteholders and unsecured creditors.
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