Altech Batteries: Receives first two payments for 25pc sale of German subsidiary

Altech Batteries Receives first two payments for 25pc sale of German subsidiary

• Altech Batteries (ATC) receives the first two payments for the sale of 25 per cent of its German subsidiary, Altech Industries (AIG)
• Altech Advanced Materials paid ATC $5.12 million, completing the first two of three instalments that make up the $8 million price tag
• ATC received an initial $400,000 payment upon signing a share sale and purchase agreement back in 2020, and the final $2.5 million is due by the end of this year
• The remaining 75 per cent of the German business will be retained by AltechBatteries
• Shares in AltechBatteries are up 2.4 per cent and trading at 8.5 cents at market close on Monday