Tritech Group Limited Receives SGX Listing Notice for Debt Conversion Shares

Key Highlights from the Report

• Tritech Group Limited has announced the receipt of a listing and quotation notice (“LQN”) from the Singapore Exchange Securities Trading Limited (“SGX-ST”) for the proposed conversion of outstanding debts into new ordinary shares.
• The listing and quotation will cover up to 466,196,244 Debt Conversion Shares that may be issued to settle outstanding amounts owed by the company.
• The listing approval is conditional upon two key factors:
  • Shareholders’ approval at an upcoming extraordinary general meeting (EGM) to be convened for the Proposed Debt Conversions.
  • Full compliance with SGX-ST’s listing requirements.
• The LQN is not an endorsement of the merits of the Debt Conversion Shares, the conversion proposal, or the company and its securities.

Details and Potential Impact on Shareholders and Share Price

• Significant Share Dilution: The proposed issuance of 466 million new ordinary shares represents a substantial potential increase in the company’s share base, which could result in dilution of existing shareholders’ equity and voting power.
• Debt Reduction: If approved, the conversion will allow Tritech to settle outstanding debts by issuing shares instead of cash, potentially improving its balance sheet but also altering shareholder composition.
• Shareholder Approval Required: The proposal will only proceed if shareholders vote in favour at the EGM. This means investors should monitor upcoming announcements regarding the meeting’s date and agenda.
• Regulatory Compliance: The final listing and quotation of the new shares depends on Tritech meeting all SGX-ST listing requirements, which includes regulatory disclosures and procedural compliance.
• Potential Share Price Impact: The announcement is material and could affect share price due to:
  • Market reaction to potential dilution and changes in ownership.
  • Improved balance sheet from debt reduction, possibly seen as positive.
  • Uncertainty until shareholder approval and SGX-ST compliance are confirmed.
• Investor Caution: The company urges shareholders and potential investors to exercise caution when dealing in Tritech shares, given the significant potential changes to capital structure and financial position.
• Further Updates Expected: Tritech will continue to update shareholders with additional announcements as developments occur, especially regarding the EGM and final approvals.

Additional Information

• This announcement has been reviewed by UOB Kay Hian Private Limited, the company’s sponsor, but has not been examined or approved by SGX-ST. SGX-ST assumes no responsibility for its contents, accuracy, or any opinions expressed.
• The contact person for further sponsor-related queries is Mr. Lance Tan, Senior Vice President at UOB Kay Hian Private Limited.

Investor Advisory

Shareholders are strongly advised to read this and any future announcements carefully, and to consult their professional advisers (stockbrokers, solicitors, or other experts) if they are uncertain about the actions they should take in response to this development.

Disclaimer

This article is for informational purposes only and should not be construed as financial advice or a recommendation to buy or sell securities. Investors are urged to make independent evaluations and consult with professional advisers before making investment decisions. The information provided is based on the latest disclosures from Tritech Group Limited and may be subject to change.

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