Tritech drops proposed share placement of 110.8m shares

TRITECH Group has dropped its proposed share placement after taking into consideration the volatility of its share price, among other factors.

The Catalist-listed high-technology oriented engineering products and services company said in a regulatory filing on Dec 7 that it has scrapped the proposal to place out up to 110,824,743 new ordinary shares.

The company has mutually agreed with the placement agent to drop the placement exercise, after considering "the volatility of the company's share price". Tritech price has declined steadily from S$0.043 on Nov 21, when the placement proposal was announced, to S$0.024 on Dec 6.

Also, it is axing the introducer agreement in relation to the proposed share placement