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27 OCTOBER 2017 AL CIRCLE

Altech raises $17.2 million for its high purity alumina plant in Malaysia

EDITED BY : HEENA IQBAL 1MINS READ

Altech Chemicals Limited has received commitments to raise $17.2 million in a placement for its high purity alumina (HPA) project in Malaysia. The company has received a US$4.0 million (A$5.1 million) commitment from German engineering firm SMS group GmbH (SMS), and an A$3.0 million commitment from Melewar Group.

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Altech managing director Mr Iggy Tan said, “The Company very much welcomes the direct investment by SMS in Altech; it strongly demonstrates their commitment and confidence as EPC contractor to the project.

 “The ongoing support of Melewar Group is equally important; the group has supported the Company since 2015 and is a strong believer of our HPA project and the construction of the high purity alumina plant in Malaysia. The Placement leaves us well capitalised to complete the optimal funding arrangements for the HPA project in 2018.”

The issue of Placement shares to Melewar Group and SMS will be subject to shareholder approval at the Company’s AGM on 30 November 2017.


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EDITED BY : HEENA IQBAL 1MINS READ

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