Altech Chemicals (ASX:ATC) has received a substantial shareholder notice from Malaysian cornerstone investor Melewar IIC Limited after acquiring a 7% interest in a placement.
Melewar, a diversified industrial firm with steel, energy and engineering businesses, acquired 8,474,576 shares priced at $0.059 as the first tranche of a $1 million placement commitment.
The remaining 8,474,577 shares will be issued subject to shareholder approval, which will be sought at the company’s Annual General Meeting planned for Friday, 30th October 2015.
Shares in ATC last traded at $0.10.
Melewar, which is led by executive chairman Royal Highness Prince Ya’acob Bin Tunku Tan Sri Abdullah, will then be the second largest shareholder of ATC with a 12.9% interest.
Altech had raised A$1.13 million for a detailed design phase of the company’s High Purity Alumina (HPA) Project.
This will produce HPA directly from kaolin clay which will be sourced from the company’s 100% owned kaolin deposit at Meckering, Western Australia.
Around 70% of HPA demand is in the Asia Pacific region, and Altech’s HPA plant in Malaysia would be well-positioned to benefit.
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