Tritech

Tritech: Its wholly owned subsidiary, Terratech Group has today launched its IPO in S’pore and registered its offer document with the SGX. The placement, comprising 43.5m new shares and 65.2m vendor shares at $0.23 each, will close at noon, 25 Jul. Listing of Terratech shares on Catalist is expected to commence at 9am on 30 Jul, whereby Terratech will have an initial market cap of $141.5m. Terratech is a producer of premium-quality marble. Its key asset is an exclusive sublease lasting till Jan 2044, to explore, develop, and quarry the Kelantan Marble Quarry in M’sia, consisting of four marble hills with an extraction area of ~26ha, with total estimated resources of 20.3m sqm and total estimated reserves of 11m sqm. Terratech commenced commercial production of marble blocks at two of the marble hills in Mar ’12 and ’13, and has an orderbook for its marble prodicts of ~$23.5m. Terratech intends to use the estimated net proceeds of ~$7m for the expansion of production capacity and processing facilities as well as for working capital. The group is targeting to extract ~230,000 sqm of dimension stone blocks by FY18 onwards. Tritech to lift trading halt at 2pm