SINGAPORE - Tritech Group said on Monday (June 5) it has entered into a placement agreement with an individual investor for S$2.02 million worth of shares in the company.

Under the agreement on June 2, Mr Wang Liang, will subscribe for 28.8 million new shares in the company at S$0.07 per share.

The placement shares represent approximately 3.17 per cent of the company's enlarged share capital, the Catalist-listed firm said in a filing with the Singapore Exchange.

Tritech said Mr Wang was introduced through business associates of its managing director Dr Wang Xiaoning.

Proceeds from the proposed placement would be used for working capital requirements "which may arise from the growth of its water-related business of the group".