News and Announcements
MAA Group Bhd Acquires an Additional Stake in Altech Chemical Ltd for A$2 million
- Published April 14, 2017 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
Altech Chemicals limited (ASX: ATC) is pleased to announce a $2 million share placement to existing cornerstone investor, MAA Group Berhad.
KEY TAKEAWAYS:
- A$2 million raised via share placement to existing cornerstone investor.
- Placement priced at $0.14 per share, an 8% premium.
- Existing Malaysian shareholder MAA Group Berhad.
- Funds applied to detailed design and engineering.
The Placement shares issued at 14 cents per share, which represents an ~8% premium to the 12 April 2017 closing price of the Company’s shares as traded on the Australian Securities Exchange (ASX).
Funds raised from the Placement will be applied to the completion of detailed design and engineering of the Company’s proposed Malaysian high purity alumina (HPA) plant.
Altech Chemicals Limited is aiming to become one of the world’s leading suppliers of 99.99% high purity alumina (HPA).
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