SINGAPORE (April 8): Michael Loh Soon Gnee, who has held the position of ASTI Holdings’ CEO since July 2013, has resigned citing “personal reasons” as he moves on to transition his duties within the next 12 months.
Loh is also resigning as CEO from the group’s respective 44.5%- and 49.6%-owned subsidiaries, Dragon Group International and Advanced Systems Automation.
Both ASTI Holdings and Dragon Group are listed on the Mainboard of the Singapore Exchange, while Advanced Systems is a Catalist-listed firm.
All three entities said in late night filings on Sunday that their respective boards are currently in the midst of identifying and reviewing both internal and external candidates in their search for Loh’s successor.
Loh will continue to work closely with the boards of these companies in achieving a smooth transition, while further announcements on his last day of service for the three companies will be made when appropriate.
In their announcements, ASTI, Dragon Group and Advanced Systems emphasise that their individual business units have “capable senior management” who have been working with them for 8-25 years, over 10 years, and between 4-20 years, respectively.
“The board takes this opportunity to express its appreciation to Dato’ Loh for his service and invaluable contributions to the expansion and growth of the Company and wishes him well on his future endeavours,” they add in unison.
ASTI shares last traded at 4.5 cents, down 2.2%, or 0.1 cent on April 5, while Advanced Systems shares closed flat at 0.1 cent on the same day.
Shares of Dragon Group are currently suspended pending a mandatory delisting after the company failed to meet minimum levels of profitability and market valuation under the Singapore Exchange's Mainboard listing rules.
ASTI, as the controlling shareholder of Dragon Group, is required to make an exit offer to other Dragon Group shareholders.
