Utico, a leading provider of water management and treatment solutions would acquire 88% stake of Hyflux, a leading municipal waste management firm in UAE for $535m. Prior to this offer Hyflux turned down SM Investor's $530m takeover bid. "The aim is to save time and move expeditiously as both Utico and Hyflux, investors and creditors are aware of the fact that time is of essence in preserving the value of the Singaporean company and arrest further slide." Richard Menezes, Utico CEO.