UAE’s Utico plans $500m sukuk to pay down debt – The National

UAE’s Utico plans $500m sukuk to pay down debt – The National

UAE's Utico plans $500m sukuk to pay down debt. The company agreed a $400m rescue deal for Singaporean water treatment firm Hyflux in November. UAE-based utility company Utico is sounding out investors ahead of a proposed $500 million (Dh1.83 billion) benchmark sukuk, which will be used to pay off some of its debts and restructure its portfolio.. It is also bidding for new utility projects in the UAE, Saudi Arabia and Oman, he added.. Sovereign entities from Saudi Arabia, Bahrain, Oman and Brunei are investors in the company, which is part of the Abu Dhabi-based RMB Group.. "Utico has made continuous profits every single year for 15 years and has an excellent asset base and low gearing.. "We have excellent assets, cash and [a] stable dividend payout history which should be attractive to investors in this low return, high-risk market," he said.. In November, Utico took a 95 per cent stake in the struggling Singapore-based water treatment company Hyflux, with a total investment of $400m.. It also previously received $145m of investment from Asma Capital in 2017..