Singaporean water and power company Hyflux Ltd. is holding discussions with UAE water utility company Utico FZC to secure 400 million Singapore dollar ($294 million) in funding.
Hyflux’s legal and financial advisers are in discussions with Utico on the details of the financing, with a view to set them out in a binding term sheet.
As part of the financing deal, Utico will maintain Hyflux's main businesses so they remain operational and also retain its current management.
Hyflux intends to use the projected funds from the investment for equity and working capital purposes as well as for a possible urgent interim funding.