The delay is due to the company required shareholder approval for the participation of Melewar Group in the recent capital given it is a related party to non-executive director Tunku Yaacob Khyra.
Melewar remains the second-largest holder of company shares with a holding of 9.12%, the largest holder is Deutsch Balaton AG / Dephi, with 15.8%.
World’s first pure-play HPA producer
Altech aims to become one of the world’s leading suppliers of 99.99% (4N) HPA, which will be produced at the proposed HPA plant in Malaysia.
The company aims to feed its HPA plant using its kaolin mine in Western Australia.
Using a spot price of US$40,000 per tonne and annual plant production of 4,500 tonnes, Altech will generate annual revenue of $180 million.
Stage-1 construction complete
In late October 2019, Altech completed stage-1 construction work at its HPA plant site in Johor, Malaysia, on time and budget.
During the stage-1 construction, a total of 207 employees and contractors completed site safety inductions with the maximum site workforce reaching a compliment of 82.
Construction of the substation structure is expected to begin during November 2019 once various off-site fabrication works are complete.