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Hyflux Still In Limbo- Hyflux Asserted That Utico Gave Inaccurate Announcements
By Investment Income for Life  •  March 12, 2020
The scheme meeting with creditors will be held on 22 April 2020. However, we are already seeing the senior management of Hyflux once again crossing sword with their own White Knight Utico. Yes, I used the word “again” because Hyflux also went into disagreement previously with their previous White Knight Salim Medco Group. Apparently, the current cracks in relationship came from the amount of legal and advisory fees pot of S$50Mil being committed. Utico is only willing to put up S$30Mil as the professional advisors of Hyflux and SIAS failed to show support for the scheme by 29 Jan 2020 court hearing. Original intention was S$50Mil for the professional services pot if show of support settled by end of Jan 2020 but unfortunately it was not to be due to various factors such as the emergence of another player, Aqua Munda, which offers to buy creditors’ debts at a minimum...
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By Investment Income for Life
I am an Accountant by training and is currently working in a global MNC in the Supply Chain industry. During my free time, I enjoy reading up on topics such as stock investing, insurance planning and property investment. Since 2012, I have started penning down my thoughts on certain financial matters while striving to achieve financial independence.
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