Altech terminates share purchase subscription agreement with Speciality Materials Investments LLC

According to a report on Monday, December 21, Altech Chemicals, together with Speciality Materials Investments LLC (SMI) have mutually decided to terminate the share purchase subscription agreement. The agreement was executed on April 22, 2020, for SMI to invest up to $2 million in Altech shares (Initial Investment) and up to an additional $981,000, subject to shareholder approval.

Altech managing director Iggy Tan commented, "SMI provided funding for the Company and our HPA project during what was both a volatile period in the global markets and a transitional period for the Company. SMI has been a flexible, supportive, responsive and responsible funding partner to Altech. SMI's funding has been instrumental in bridging the Company's capital requirements, which provided it time to execute the extremely successful capital raising that was announced on 16 December 2020. SMI remains a shareholder of the Company, and we thank it for its support."

Altech Chemicals Limited is aiming to become one of the world’s largest 99.99 per cent high purity alumina suppliers through the construction and operation of a 4,500tpa high purity alumina (HPA) processing plant at Johor, Malaysia.

High purity alumina is a critical ingredient used for producing synthetic sapphire. Synthetic sapphire is used in the manufacture of substrates for LED lights and semiconductor wafers in the electronics industry, and in the scratch-resistant sapphire glass used for wristwatch faces, optical windows, and smartphone components.