
Altech Chemicals Limited announced an increase in the total debt package for its high purity alumina (HPA) project. Altech said in a statement that German government owned KfW IPEX-Bank has advised the Company of credit approval for a total project finance debt package of US$190 million.

Altech managing director Mr Iggy Tan said, “The Company is delighted with the increased total debt package offered by KfW IPEX-Bank for the project and especially the additional loan cover made available by the German government (ECA cover).”
“In our opinion the additional project finance is another significant vote of confidence for the project and follows an extensive detailed independent due diligence process.”
The approved finance package is higher than the US$185 million of project finance initially proposed, reflecting the robust nature of the project.
The export credit cover (ECA) component of project finance is increased to US$170 million (was US$165 million) and the Company has also been advised that this amount was approved by the German government inter-ministerial committee (IMC). The balance of US$20 million will be at commercial terms.
The company is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA). Altech is building 4,500tpa HPA plant at the Tanjung Langsat Industrial Complex, Johor, Malaysia.
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