Altech Chemicals Ltd (ASX:ATC) has received a change of interests from substantial holder Melewar International Investment Company Limited and MCC Group Berhad.
Melewar now holds a 12.14% stake, up from 7.2%.
Melewar is a diversified Malaysia industrial firm with steel, energy and engineering businesses.
Altech recently raised A$10 million in an oversubscribed share placement, predominantly from Australia, New Zealand, Hong Kong and Asia.
Funds raised will be applied to finalising the detailed design of the company’s proposed Malaysian high purity alumina (HPA) plant, completion of independent due diligence associated with finalising debt financing, closure of debt financing and for general working capital purposes.
Altech’s plan is to offer a finished product range that will include HPA tailored for the synthetic sapphire and lithium-ion battery separator sheet manufacturing sectors, two rapidly growing segments of the HPA market.
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