Australia's Altech Chemicals rises; co to buy 29% of Frankfurt-listed Youbisheng Green Paper

Altech Advanced Materials AG

18/07/2019 01:33

** High-purity alumina (HPA) supplier Altech Chemicals Ltd
 ATC.AX  jumps as much as 15% to A$0.115, its biggest intraday
pct gain since Nov 9, 2018
    ** Stock hits its highest level since May 27
    ** Co says it executed agreement to buy 29% of Youbisheng
Green Paper AG  YB1Ak.F  (YAG), a Germany domiciled public co
for total consideration of 2.7 mln euros ($3.03 million) (https://reut.rs/2NY4Xf1)
    ** Says Frankfurt-listed YAG has right to acquire up to a
49% direct interest in Altech's HPA project for $100 mln
    ** About 1.3 mln shares change hands, versus 30-day average
of about 670,000 shares
    ** Stock up 11.1% this year as of last close
($1 = 0.8909 euros)

 ((aditya.srivastsav.thomsonreuters.com@reuters.net))