News and Announcements
Altech Chemicals Completes $2M Share Placement
- Published May 31, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals Limited (ASX: ATC) is pleased to announce that following the unanimous approval of shareholders in a General Meeting held on 29 May 2017, the Company has now completed the $2 million placement of shares at $0.14 per share, to existing Malaysian cornerstone investor MAA Group Berhad.
KEY TAKEAWAYS:
- A$2 million received from share placement to existing cornerstone investor
- Shares issued at $0.14 per share
- Existing Malaysian shareholder MAA Group Berhad
- The Company has issued 14,285,714 shares to MAAG for this placement, taking the total shareholding of MAAG in the Company to 25,913,621 shares or 9.23% of total issued shares.
Funds raised from the share placement will be applied to the completion of detailed design and engineering of the Company’s proposed Malaysian high purity alumina (HPA) plant.
MAA Group Berhad (MAAG) is a Malaysian publicly listed insurance, investment, credit and finance group and an existing shareholder of Altech. Altech non-executive director, Tunku Yaacob Khrya is the executive chairman and majority shareholder of MAAG, consequently the placement of shares to MAAG was subject to the prior approval of Altech shareholders.
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