Altech Chemicals raises $2.8 million through Share Purchase Plan

Altech Chemicals Limited has received applications from existing shareholders for $2.8 million of new shares under the Share Purchase Plan (SPP). The new shares are expected to be allotted on Wednesday 8 January 2020 at an offer price of $0.0975 per share.

Altech has also updated the construction work at high purity alumina (HPA) plant site continues as scheduled.

Altech Managing Director Mr Iggy Tan said, “The Company is extremely pleased with the number of applications for new shares that it received from shareholders under the SPP. In excess of 300 shareholders participated, which is an excellent outcome – especially considering the timing of the SPP just prior to the Christmas/New Year period.

Work at the Company’s Malaysian high purity alumina (HPA) plant site continues, with construction of the electrical sub-station progressing in accordance with the construction schedule.”

The company is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (Al2O3) through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant in Malaysia.

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