Hyflux clarifies it has not received binding offer from Utico.
"The company's advisers are currently engaged in active discussions with Utico's advisers to finalise the proposed terms of Utico's investment," Hyflux said.
Its advisers are also concurrently engaged in discussions with Oyster Bay Fund, another potential investor. Separately, Maybank, the secured project finance lender for Hyflux subsidiary Tuaspring, has appointed Timothy James Reid and Ng Yau Yee Theresa, both of Ferrier Hodgson, as joint receivers and managers over Tuaspring's charged property.
The charged property refers to the Tuaspring co-generation power plant, and excludes the desalination plant and other shared infrastructure that are subject to the rights of national water agency PUB. PUB had commissioned Hyflux to build the Tuaspring integrated water and power plant, and Maybank had lent Hyflux money to build it, secured against the value of the plant.
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