Altech Chemicals Ltd (ASX:ATC) has secured MAA Group Berhad (MAAG) as a cornerstone investor.
MAAG will subscribe for $1 million of Altech at $0.086 per share, (March 2016 placement shares).
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.
Altech agreed with MAAG for participation in the in March 2016 share placement, but its participation was subject to the completion by MAAG of internal governance requirements and due diligence processes, all of which have now been satisfied.
Iggy Tan, managing director for Altech, commented:
“We are very excited to have a cornerstone investor with the pedigree of MAAG join our register.
"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."
MAAG will now hold around 6% of Altech.
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