WATCH-LISTED chip manufacturing services company Asti Holdings : 575 0% announced that a substantial shareholder has indicated his intention to explore a possible exit offer to other shareholders for their shares.

 

The company said in a statement filed to the Singapore Exchange on Wednesday (Oct 5) that the potential offeror has not yet appointed his own advisers and that he is still in the midst of finalising the details of the exit offer. 

 

Therefore, Asti noted there is no certainty or assurance that an exit offer will be made by the potential offeror, who was not named in the filing.

 

Previously, the company said it would be delisted from the Catalist board for failing to meet the requirements to exit the watch list. Trading of Asti shares has been suspended since July.

LITHIUM-ION battery manufacturer EoCell, an associate of Asti Holdings : 575 -7.14%, has entered into a non-binding letter of intent with an unnamed publicly-traded special-purpose acquisition corporation (SPAC) for a potential combination.

 

If a definitive agreement is reached after negotiations, and the business combination is completed, it is expected that the SPAC will acquire EoCell by reverse triangular merger, or by a similar structure mutually agreed by the parties the shareholders of EoCell will become shareholders of the SPAC, said Asti, a watch-listed semiconductor manufacturing services company, in an exchange filing on Wednesday (Jun 8).

 

&ldquo Shareholders and potential investors should note that there is no assurance that a definitive agreement will be entered into, or that the transaction will be completed if a definitive agreement is entered into,&rdquo the company said.

 

Asti, which has an indirect interest in EoCell, will accordingly have an indirect interest in the SPAC, if the transaction is completed.

 

None of Asti&rsquo s directors, substantial shareholders and/or any of their respective associates, other than EoCell, has any direct or indirect interest, other than through their shareholdings in the company, in the transaction.

 

Asti said it will announce further details regarding the transaction, including the identity of the SPAC, as permitted by the parties. It will also make a further announcement if a definitive agreement is not entered into.

 

Asti said on Monday that it will be delisted from the Singapore bourse for failing to meet the requirements to exit the watch list. It has on the watch list since Jun 6, 2019.