Altech Chemicals welcomes new cornerstone investor

THE BOURSE WHISPERER: Altech Chemicals (ASX: ATC) has welcomed a new cornerstone investor to the company’s register.

Malaysian publicly-listed company, MAA Group Berhad will subscribe to $1 million worth of Altech shares.

According to Altech, MAAG is a Malaysian publicly-listed insurance, investment, credit and finance group with total assets of RM1.45 billion and annual turnover of RM484 million.

Under the terms of the placement approximately 11.6 million shares will be issued to MAAG at a price of 8.6 cents per share, which was price for a placement Altech completed in March 2016.

Altech explained the issuing of the shares will be subject to the approval of shareholders as Tunku Ya’acob bin Tunku Tan Sri Abdullah (a non-executive director of Altech) is the executive chairman and a majority shareholder of MAAG.

Upon approval of the share issue, MAAG will hold approximately 6 per cent of the issued shares of Altech.

Melewar International Investment Company Limited, a company also controlled by Tunku Ya’acob bin Tunku Tan Sri Abdullah, will hold approximately 9 per cent of the company.

“We are very excited to have a cornerstone investor with the pedigree of MAAG join our register,” Altech managing director Iggy Tan said in the company’s announcement to the Australian Securities Exchange.

“Altech continues to be most appreciative of the support for the company and its HPA project by Tunku Ya’acob bin Tunku Tan Sri Abdullah and his associated companies.”