Altech Chemicals Ltd.'s minority-owned Youbisheng Green Paper AG has changed its name to Altech Advanced Materials AG and plans to raise US$100 million.
Altech Advanced Materials is looking to raise about US$100 million to exercise its recently secured right to acquire a 10% to 49% stake in Altech's high purity alumina plant in Johor Bahru, Malaysia, for US$20.4 million to US$100 million.
According to the Oct. 11 release, the unit is looking to initially secure up to €69.4 million and plans to complete a concurrent rights issue and external share placement by early December.
Altech Chemicals Ltd. executed an agreement mid-July to acquire 29% of the Frankfurt, Germany-listed Youbisheng for €2.7 million in cash and shares.
In exchange, Altech Advanced Materials secured a non-exclusive right to acquire a 10% to 49% stake in the HPA plant for US$20.4 million to US$100 million.
Development order for the Johor Bahru high-purity alumina plant was approved in January.
