Share Purchase Plan Raises A$4.3 Million
- $4.3 million raised via Share Purchase Plan
- Positive and excellent support from shareholders
- In excess of 550 shareholders participated
The response to the SPP from shareholders is extremely positive and the Company is pleased to advise that all applications will be accepted in full and that the new shares will be allotted on Monday 6 August 2018.
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 550 shareholders, representing approximately 20% of all shareholders, participated which is an exceptional outcome.
Project momentum is now growing rapidly, the site for our high purity alumina (HPA) plant has now been cleared and the stage-1 construction agreement was recently signed, this will see works in Johor commence shortly."
About Altech Chemicals Ltd
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.
Altech Chemicals Ltd