ASTI Holdings’ four remaining board members have resigned with immediate effect following the appointment of substantial shareholders Ng Yew Nam and Soh Pock Kheng as new directors to the company’s board of directors.
The company announced the new appointments following approval by Singapore Exchange S68 Regulation (SGXRegCo) on Jan 15.
Its board had “convened urgently” after the unexpected announcement on Jan 10 of the resignation of non-executive chairman Dr Kriengsak Chareonwongsak, who cited “the uncertainty and divergence in the future direction of the company” as the reason for his departure.
According to ASTI, the resignation left a “leadership vacuum” within its board, whose four remaining members continued to adopt an open attitude to engage with all shareholders — including new board director Ng, who suggested that a “suitable exit offer” could be procured.
Upon consideration of the company’s prospects and the “persistent and continued desire” expressed by Ng and Soh to be appointed directors, ASTI’s four remaining directors — Anthony Loh Sin Hock, who was also ASTI’s acting CEO, Mohd Sopiyan Bin Mohd Rashdi, Theerachai Leenabanchong and Charlie Jangvijitkul — sought approval from SGXRegCo for the appointments.
Along with stepping down from the board, Loh has also resigned as chief financial officer and acting CEO.
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In 2023, Ng led a group of shareholders to attempt two extraordinary general meetings (EGMs) amid a major restructuring and a SGX-directed delisting to remove and replace the entire board with himself and four others.
On Dec 12, 2023, the Singapore High Court ruled that resolutions claimed by were “invalid and of no legal effect”.
“ASTI and its directors have faced two invalid attempts to overhaul its board in the recent past year, all taking place amid a major restructuring which resulted in a return to profitability in FY2022 after three years of losses,” say the outgoing directors. “These attempted EGMs have consumed substantial time and resources of the company and its directors who were concurrently working hard to secure a viable exit offer. These efforts by the Directors were taken in the spirit to safeguard shareholder interests while upholding good governance amid a directed delisting.”
“Taking into account the leadership void of the board after the resignation of the former chairman and the enthusiasm of the two proposed incoming directors, the four of us have graciously exited as directors following the appointment of Mr Ng Yew Nam and Mr Soh Pock Kheng as new directors,” they add.
ASTI announced on Jan 9 that it intends to re-convene the adjourned Annual General Meeting for the FY2021 ended Dec 31, 2021, on Feb 1.
Shares in ASTI Holdings 575 last traded at 1.4 cents before its trading suspension in July 2022.
