Tritech to raise S$4.2m from proposed placement at S$0.0388 per share

TRITECH Group is proposing a share placement of up to 110.8 million new shares at S$0.0388 apiece to raise around S$4.2 million in gross proceeds for use as working capital.

The issue price represents a discount of about 5.8 per cent to the volume-weighted average price of S$0.0412 per share, based on trades done on Nov 18, which is the full market day prior to the signing of the placement agreement.

The placement shares represent about 11.7 per cent of the existing share capital, and will represent about 10.4 per cent of the enlarged share capital. To date, the issued and paid-up capital of the company comprises 944.9 million shares.

In addition to the placement agreement, the group has appointed Star Treasure Enterprises to introduce potential placees. The introducer fee of about S$215,000 will be fully settled and satisfied through the issuing of 5.5 million new shares at the issue price.

UOB Kay Hian was appointed as the placement agent.

The group on Friday requested to lift its trading halt. Tritech shares were trading at 3.9 Singapore cents, down 0.4 cent or 9.3 per cent.