Stage I construction of the plant began in late February 2019 and visitors observed first-hand the progress made during the short period since site works were initiated.
Various potential equity and joint venture partners were in attendance, with the roll-call including representatives of KfW IPEX-Bank, Macquarie Bank, CIMB Bank, Petra Capital and EPC contractor SMS group GmbH, of Germany.
The visit began at Altech’s Johor office, which is around 300 metres from the plant site.
Managing director Iggy Tan provided a corporate update that covered the stage I construction plan, the status of project financing and corporate funding.
Group 1 of the investor delegation.
He also addressed the option to introduce a joint venture partner at project level and the company’s plan to initiate stage II construction.
This stage of the visit concluded with a site safety briefing and induction by the SMS group.
Aerial view showing the progress of stage I construction.
An inspection of the HPA plant site followed, which included a detailed explanation of the stage I construction works.
Also present at the visit were Altech board chairman Luke Atkins, non-executive director Peter Bailey and alternate director Uwe Ahrens, who was also representing a major shareholder, the Melewar group.
KfW IPEX-Bank metals and mining team director Stefan Eitel spoke to the delegation about the US$ 190 million committed project senior debt facility.
SMS group senior vice president strategic project development Herbert Weissenbaeck provided a comprehensive overview of the lump sum, fixed priced, turnkey EPC contract.
He described the completion, throughput, process and quality guarantees that are incorporated in the construction contract.
As potential investors, representatives of a number of private equity groups, battery manufacturers and specialty materials industry participants from Malaysia, Singapore, South Korea and Hong Kong also attended.
Group 2 of investor delegation.
For most stakeholders and investors, the site visit was their first time at the plant location and the Tanjung Langsat Industrial Complex and for some attendees, it was their first visit to Johor and Malaysia.
Many expressed their surprise at the scale of industrial development in Johor, the established infrastructure and services that are available, and the ease of transit from Singapore airport to Johor.