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11 JULY 2018 AL CIRCLE

Altech to raise up to A$20 in capital to commence construction of HPA plant in Malaysia

EDITED BY : HEENA IQBAL 2MINS READ

Altech Chemicals Limited is raising up to $20 million to start construction of its high purity alumina (HPA) plant in Malaysia. The company said it has received from institutional and professional investors for a share placement of A$17 million. Altech will offer a Share Purchase Plan (SPP), whereby existing eligible shareholders will purchase up to $15,000 of new shares at the same price paid by the placement participants. The company expects SPP will raise up to an additional A$3 million.

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Altech managing director, Mr Iggy Tan said, “The Company is extremely pleased with the support that it has received for the share placement. The placement was well supported by existing shareholders and we are delighted to welcome a number of high quality new investors onto the share register.”

“The funds that have been raised will allow Altech to commence HPA plant construction in parallel to finalising project financing. The success of any project depends on maintaining development momentum and we have achieved that in the last four years.”

The stage 1 construction works (approximately A$10m) will commence at its HPA plant site during the current quarter. The work will include bulk earthworks; extensive foundation piling; the construction of retaining walls, underground storm water/process discharge tanks (OSD tanks); and construction of a maintenance workshop.


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EDITED BY : HEENA IQBAL 2MINS READ

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