Malaysian subsidiary incorporated for High Purity Alumina (HPA) project

Altech Chemicals Limited is pleased to announce that following its strategic decision to select Johor Bahru, Malaysia as the preferred location for its proposed high purity alumina (HPA) processing plant, it has now incorporated a wholly-owned Malaysian subsidiary company, ‘Altech Chemicals Sdn Bhd’; the Company was formally advised of the incorporation on 6 January, 2015.

The incorporation of Altech Chemicals Sdn Bhd represents a significant first step in Altech establishing its presence in Malaysia, and closely follows the Company’s submission of a Letter of Intent (LOI) for the reservation of a lot within the Tanjung Langsat Industrial Park, Johor Bahru.

Importantly, the incorporation of its Malaysian subsidiary will enable the Company to advance the required documentation associated with the construction and operation of its proposed HPA processing plant, and will allow the Company to make submissions to the Malaysian Investment Development Authority (MIDA) for various investment and tax incentives that may be available to the HPA project.

Commenting on the incorporation of Altech Chemical Sdn Bhd, managing director Mr Iggy Tan said “the government of Malaysia in general strongly encourages foreign direct investment (FDI), It actively reaches out via MIDA to targeted industries and negotiates incentive packages to attract FDI, which is highly encouraging.”