Tritech's potential placement falls through as long stop date expires

TRITECH Group on Tuesday said that a potential placement, which would have led to a transfer of controlling interest, has fallen through with the expiration of the long stop date for the deal.

The company said that it "assessed the current situation" and decided not to further extend the long stop date for the completion of the potential placement. The date had earlier been extended from Sept 15 to Dec 15, as the Covid-19 outbreak and "certain restructuring activities" by the potential investors had led to a delay in the due diligence and valuation processes.

Tritech said it will instead "explore other collaborative opportunities" with the potential investors on a "mutually beneficial basis".

Tritech first announced in March that it had entered a pre-conditional agreement with Qilu Transportation (Singapore) and Shandong Provincial Transportation Planning and Design Institute to potentially place out new ordinary shares in Tritech to the two companies.

The placement shares would have represented up to 100 per cent of Tritech's existing share capital and up to 50 per cent of the enlarged share capital.

Shares of Tritech closed unchanged at S$0.014 on Tuesday before the announcement.