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    ATC   AU000000ATC9

ALTECH CHEMICALS LIMITED

(ATC)
  Report
Delayed Australian Stock Exchange  -  02:11 2022-09-26 am EDT
0.1000 AUD   -9.09%
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ALTECH - UPDATE OF HIGH PURITY ALUMINA PROJECT

08/09/2022 | 08:42am EDT

Altech Chemicals Limited (Altech/Company) (ASX: ATC) (FRA: A3Y) is pleased to provide an update on its Malaysian high purity alumina (HPA) project, and its continuing efforts to close project finance. Managing director Iggy Tan, accompanied by executive management, recently completed a visit to Europe.

The visit included a meeting with German government owned KfW IPEX-Bank, during which the bank was briefed on the status of Altech's secondary project finance initiatives - a US$144m green bond offer and the US$100m project level equity funding initiative. KfW IPEX-Bank confirmed its continued support for the project, and its commitment to the senior loan facility of US$190m. Importantly, Euler Hermes, the German government export credit agency, has renewed the US$170m export credit cover (guaranteed) for the KfW IPEX Bank senior loan facility. Both KfW IPEX-Bank and Euler Hermes acknowledged the headwinds facing project finance close from disruptions caused by the pandemic in the last few years as well as the current market uncertainty exacerbated by the Ukraine crisis in Europe. A meeting was also held with Altech's long-standing strategic engineering partner and metallurgical consultant SMS group GmbH ('SMS').

SMS is contracted to construct the Malaysian HPA plant, and like KfW IPEX-Bank and Euler Hermes, SMS reiterated that it continues to be supportive of the Company's HPA project and looks forward to re-starting work on site. Altech and SMS agreed to extend the long stop date on the HPA plant's EPC contract. Altech continues to work with London based structuring agent Bedford Row Capital Plc and Perth based Bluemount Capital (WA) Pty Ltd to finalise a US$144m green bond offering. Detailed presentations and discussions with interested parties are ongoing, and these are expected to continue. In parallel with the bond offering, Altech is continuing with its endeavours to secure commitments for a project equity investment of US$100M. US Based global investment bank DelMorgan & Co. has advanced several leads and potential investors in relation to this. Presentations by Altech and detailed discussions with interested parties are ongoing.

Whilst headwinds in the current equity and financial markets are challenging, management remains committed to the project finance process, and for a positive project finance outcome. In Malaysia, the HPA plant site within the Tanjung Langsat Industrial Complex remains in sound condition. Regular site maintenance work is undertaken and permanent site security is in place. The already constructed maintenance workshop, electrical substation and storm water management infrastructure remain in as-constructed condition

Contact:

Corporate

Iggy Tan

Managing Director

Altech Chemicals Limited

Tel: +61 8 6168 1555

Email: info@altechchemicals.com

Martin Stein

CFO & Company Secretary

Altech Chemicals Limited

Tel: +61 8 6168 1555

Email: info@altechchemicals.com

Shane Volk

Company Secretary

Altech Chemicals Limited

Tel: +61 8 6168 1555

Email: info@altechchemicals.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
ALLIANZ SE -1.79% 165.72 Delayed Quote.-18.74%
ALTECH CHEMICALS LIMITED -9.09% 0.1 Delayed Quote.-8.33%
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Financials
Sales 2022 - - -
Net income 2022 -5,73 M -3,75 M -3,75 M
Net cash 2022 10,8 M 7,08 M 7,08 M
P/E ratio 2022 -8,68x
Yield 2022 -
Capitalization 157 M 103 M 103 M
EV / Sales 2021 69 934x
EV / Sales 2022 -
Nbr of Employees 11
Free-Float 66,9%
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Managers and Directors
Ignatius Kim-Seng Tan Managing Director & Director
Martin Stein Chief Financial Officer
Luke Frederick Atkins Non-Executive Chairman
Jingyuan Liu General Manager-Operations & Marketing
Peter J. Bailey Independent Non-Executive Director
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