Perth, May 31, 2017 AEST (ABN Newswire) - Altech Chemicals Limited (Altech/the Company) (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 (KLSE:MAA).

Highlights

- A$2 million received from share placement to existing cornerstone investor
- Shares issued at $0.14 per share
- Existing Malaysian shareholder MAA Group Berhad

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.

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.


About Altech Chemicals Ltd

Altech Chemical Ltd ASX:ATCAltech Chemicals Limited (ASX:ATC) (FRA:A3Y) is aiming to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).

HPA is a high-value, high margin and highly demanded product as it is the critical ingredient required for the production of synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights, semiconductor wafers used in the electronics industry, and scratch-resistant sapphire glass used for wristwatch faces, optical windows and smartphone components. There is no substitute for HPA in the manufacture of synthetic sapphire.

Global HPA demand is approximately 25,315tpa (2016) and demand is growing at a compound annual growth rate (CAGR) of 16.7% (2016-2024), primarily driven by the growth in worldwide adoption of LEDs. As an energy efficient, longer lasting and lower operating cost form of lighting, LED lighting is replacing the traditional incandescent bulbs.

    


Contact

Iggy Tan
Managing Director
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Shane Volk
Company Secretary
Altech Chemicals Limited
Tel: +61-8-6168-1555
Email: info@altechchemicals.com

Investor Relations (Europe)
Kai Hoffmann
Soar Financial Partners
Tel: +49-69-175-548320
Email: hoffmann@soarfinancial.com



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