Shares of Singapore electronics retailer TT International <TINL.SI> fell as much as 14.3% on Tuesday after the local press reported that Boustead Singapore <BTSS.SI> has pulled out of a plan for a joint warehouse project.

TT International shares fell 14.3% to $0.03 on a volume of 615,000 shares before it requested a trading halt.

“TT International seems to be in trouble because Boustead Singapore is supposed to be their white knight. Without them, TT will be in trouble unless someone else can come in,” said a local trader.

Engineering services firm Boustead Singapore has decided not to inject $150 million into TT International’s retail and warehouse project in Singapore’s Jurong East district, the newspaper reported.

Boustead, which has been negotiating with TTI for a partnership in the project, said it could not mitigate the risks involved because of the restrictions in the Warehouse Retail Scheme, one of which is that TTI would be the main and only official lessee.