News and Announcements
Altech Chemicals Raises $1.85m via SPP, Completes $2m Share Placement to Existing Cornerstone Investors & Appoints SMS Group as EPC Contractor
- Published August 11, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Limited (ASX:ATC) appointed German engineering firm SMS group GmbH as the engineering, procurement and construction (EPC) contractor for its proposed Malaysian high purity alumina (HPA) plant, as announced back during May 2016.
KEY TAKEAWAYS:
- SMS group appointed as EPC contractor for Malaysian HPA plant
- US $100,000 share subscription by SMS group, demonstrates support and confidence for HPA project
- Update on project finance due diligence activities, nearing completion
- $1.85 million raised via share purchase plan and placement
- Issue price of $0.11 per share
- Completion of $2million share placement to existing cornerstone investors
- Completion of EPC data transfer to SMS group
By mutual agreement, Altech’s former EPC contractor handed over all EPC work completed on the project to the SMS project team. SMS is continuing the project capital cost estimation, which is expected to be finalised in the next few months.
Commenting on the appointment of SMS as EPC contractor, Altech Managing Director Iggy Tan said,
“The appointment of SMS as EPC contractor for the proposed Malaysian HPA plant is a huge positive for the project. SMS has extensive experience with German ECA applications and is one of the top 3 users of this German government facility.”
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