Chemical company Altech (ASX:ATC) has announced that German engineering firm SMS Group has approved an additional equity investment of US$11 million in the company.
SMS is the lead engineering, procurement and construction contractor appointed to construct Altech’s proposed Malaysian high purity alumina (HPA) plant.
The additional investment by SMS is subject to financial close of Altech’s targeted US$185 million project finance debt facility, which the company is aiming to achieve during the first half of 2018.
This equity investment follows a AU$17 million share placement which SMS jointly cornerstoned for US$4 million, bringing SMS’s total commitment to support Altech to US$15 million.
Altech supplies high purity alumina as a critical ingredient for the production of synthetic sapphire which is used in LED lights, glass, smartphone screens and optical windows.
Shares in Altech (ASX:ATC) are trading flat at 14 cents a share.