Australia's Altech Chemicals jumps on German unit stake sale

Altech Advanced Materials AG

26/10/2020 24:49

** Shares of Altech Chemicals  ATC.AX  rise as much as 6% to
A$0.053, in their biggest intraday pct gain since Oct. 7
    ** Alumina supplier announces sale of 25% of its Germany
subsidiary Altech Industries Germany GmbH (AIG) to Altech
Advanced Materials AG (AAM)  urn:newsml:reuters.com:*:nASX2TVSR7
    ** Sale for consideration of 5 mln euros ($5.92 mln)
    ** AIG will now have a German shareholder, which will better
position it to apply for various European Union and German
manufacturing incentives - Managing Director Iggy Tan says
    ** Company says 25% sale values the unit at 20 mln euros,
with Altech retaining 75%
    ** Stock down 47.9% this year, as of last close

($1 = 0.8441 euros)

 (Reporting by Deepali Saxena)
 ((Deepali.Saxena@thomsonreuters.com; Twitter: @deepalisaxenas))