ASTI Holdings has received a letter of demand (LOD) from law firm, ShookLin & Bok on Sept 13. The LOD was about an outstanding payment of $46,541.99 that ASTI allegedly owes the law firm. The amount is for invoices dated June 15, 2023 Feb 5 and March 5, says ASTI.

 

The company says it is assessing the basis and merits of the LOD and will seek legal advice accordingly. The LOD and any potential legal proceedings related to the matter are not expected to affect the company&rsquo s business operations. Any repayment is also not expected to impact the company&rsquo s financial position materially.

 

 

ASTI Holdings has reconstituted its board of directors following the appointment of substantial shareholders Ng Yew Nam and Soh Pock Kheng as new directors and the exodus of its previous board on Jan 15.

 

On Jan 16, the company announced that both Ng and Soh had been appointed executive directors, with Ng also taking on the role of CEO.

 

In addition, Chow Wai San, Raymond Lam and Alvin Yap have been appointed independent non-executive directors. Chow will also serve as chairman of the board of directors.

 

ASTI Holdings&rsquo 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&rsquo s board of directors.

 

The company announced the new appointments following approval by Singapore Exchange S68 -1.01% Regulation (SGXRegCo) on Jan 15.

 

Its board had &ldquo convened urgently&rdquo after the unexpected announcement on Jan 10 of the resignation of non-executive chairman Dr Kriengsak Chareonwongsak, who cited &ldquo the uncertainty and divergence in the future direction of the company&rdquo as the reason for his departure.

 

According to ASTI, the resignation left a &ldquo leadership vacuum&rdquo within its board, whose four remaining members continued to adopt an open attitude to engage with all shareholders &mdash including new board director Ng, who suggested that a &ldquo suitable exit offer&rdquo could be procured. 

 

Upon consideration of the company&rsquo s prospects and the &ldquo persistent and continued desire&rdquo expressed by Ng and Soh to be appointed directors, ASTI&rsquo s four remaining directors &mdash Anthony Loh Sin Hock, who was also ASTI&rsquo s acting CEO, Mohd Sopiyan Bin Mohd Rashdi, Theerachai Leenabanchong and Charlie Jangvijitkul &mdash 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.

 

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 &ldquo invalid and of no legal effect&rdquo .

 

&ldquo 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,&rdquo say the outgoing directors. &ldquo 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.&rdquo

 

&ldquo 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,&rdquo 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 0.00% last traded at 1.4 cents before its trading suspension in July 2022.

 

SEMICONDUCTOR company Asti Holdings&rsquo non-executive chairman and director Dr Kriengsak Chareonwongsak has resigned with effect from Monday (Jan 8).

 

Dr Kriengsak cited &ldquo the uncertainty and divergence in the future direction of the company&rdquo as the reason for him to step down, said Asti on Wednesday.

 

He was appointed on Aug 12, 2011, to provide input on the company&rsquo s broad strategic directions and manage its daily operations.

 

The announcement came after Asti said its adjourned annual general meeting (AGM) for FY2021 will take place on Feb 2.

 

The resolutions to be resolved during the AGM involve the re-election of Anthony Loh as executive director, Charlie Jangvijitkul as non-executive and independent director, Theerachai Leenabanchong as non-executive and non-independent director, as well as Mohd Sopiyan Mohd Rashdi as lead independent director.

 

Asti noted that there have been three cessations of appointments required to be specified under the listing rule over the past 12 months, including the recent chairman stepdown.

 

Over the past year, Rasidi resigned as an independent director due to health reasons on May 15 and Dr Daniel Yeoh resigned as independent director due to &ldquo personal commitments&rdquo on May 1.

 

ASTI Holding : 575 0%&rsquo s annual general meeting (AGM) for its 2021 financial year will take place in February, the semiconductor company said in a bourse filing on Tuesday (Jan 9).

 

The announcement came more than a week after Asti&rsquo s board of directors said it would reconvene the meeting as soon as practicable. They have since met and resolved that the adjourned AGM will be held on Feb 1, 2024.

 

Asti said a fresh Notice of Meeting will be issued to shareholders, with at least seven days&rsquo notice as required. Shareholders will vote on six resolutions previously adjourned to the reconvened AGM.

 

These resolutions involve the re-election of Anthony Loh as executive director, Charlie Jangvijitkul as non-executive and independent director, Theerachai Leenabanchong as non-executive and non-independent director, and Mohd Sopiyan Mohd Rashdi as lead independent director.

 

Another resolution will give the company&rsquo s directors the authority to allot or issue Asti&rsquo s shares at any time, provided the number of shares issued does not exceed 50 per cent of the group&rsquo s total issued share capital.

 

These six resolutions were omitted in an AGM held on Jul 31, 2023, after the board proposed to resolve an injunction application filed by dissenting Asti shareholders. These shareholders had requisitioned an extraordinary general meeting (EGM) on Aug 22, 2023, to replace the existing board with five new directors.

 

The Singapore High Court deemed the EGM to be invalid and dismissed an application filed by the requisitioning shareholders against the company and its incumbent board members to comply with resolutions approved at the said EGM.

 

THE Singapore High Court has deemed the extraordinary general meeting (EGM) called on Aug 22 by Asti Holdings&rsquo dissenting shareholders to be invalid.

 

It also dismissed an application filed by the requisitioning shareholders against the company and its incumbent board members to comply with resolutions approved at the said EGM, based on a court decision released on Tuesday (Dec 12).

 

To recap, four shareholders requisitioned an EGM to replace the semiconductor company&rsquo s entire board. The company and the incumbent board repeatedly disavowed the meeting as invalid, but the EGM went on as planned following dialogues conducted by the Securities Investors Association (Singapore).

 

The board tussle came amid Asti&rsquo s share suspension and notification of delisting from the Singapore Exchange (SGX) after the company failed to meet requirements to exit the watch list.

 

In its judgment, the court declared that the resolutions passed at the Aug 22 EGM were invalid and did not hold any legal effect. Although notice for the EGM was validly served, the court said the meeting was not properly conducted.

 

Asti had argued that advertisements in the daily press and writing to SGX regarding the EGM were insufficient notice to shareholders, as notice must be given by delivery or post to each member, or the Central Depository.

 

The court rejected Asti&rsquo s assertion and said the company conflated the issue of the form of notice with that of the service of notice.

 

As for the conduct of the meeting, the court said that Section 177 of the Act did not give the requisitioners the power to conduct the meeting, as such powers depended on the company&rsquo s constitution. Instead, Article 76 in the constitution gave incumbent directors the right to attend the meeting and be heard.

 

The requisitioners had informed the incumbent directors that they were barred from attending the EGM, failing to give due regard to Article 76.

 

The parties involved have three weeks to write in regarding their position on costs. The time to file an appeal will also run from Tuesday.

 

The convening shareholders and proposed directors will review the judgment with their respective lawyers and seek their advice, they said in a press statement.

 

WATCH-LISTED semiconductor company Asti Holdings : 575 0% said on Wednesday (Oct 25) that its potential offerer and potential offerer consortium will no longer be pursuing an acquisition of the company.

 

The offerers ceased interest in the company after it failed to prepare audited financial statements of the company for FY2022 by Sep 30, 2023. This had been a condition upon which the offer was contingent.

 

Asti said it was unable to prepare the financial statement as the company no longer had an auditor, since shareholders at its last annual general meeting (AGM) approved a resolution to retire Ernst & Young, its auditor at the time.

 

Since then, no auditor has been appointed a resolution to appoint RT at the last AGM failed to garner majority approval from shareholders.

 

The board said it intends to put up another resolution to shareholders to appoint an auditor as soon as possible, so that it can finalise its audited financial statement for FY2022.

 

The company added that it will also engage with the offerers to &ldquo clarify the scope and the implications of their decision not to pursue the potential exit offer&rdquo , as well as seek other potential exit offers.

 

Separately, on a disclaimer of opinion made by an independent auditor on its subsidiary Dragon Group International (DGI), Asti said it anticipates &ldquo no significant factors which might affect the audit process and signing off of the audited financial statements of the company for FY2022&rdquo .

 

DGI on Tuesday put up a notice that RT, its independent auditor, had put up a disclaimer of opinion as it had not been able to obtain &ldquo sufficient appropriate audit evidence to provide a basis for an audit opinion on the group&rsquo s financial statements&rdquo .

 

In its report, the auditor noted that DGI and its subsidiaries are in net liabilities positions of US$1.1 million and US$3.2 million, respectively. Their current liabilities also exceed their current assets, it said.

 

&ldquo These conditions indicate the existence of a material uncertainty which may cast significant doubt about the group&rsquo s and the company&rsquo s ability to continue as a going concern,&rdquo said the auditor.

 

RT also noted that Asti is in a middle of a lawsuit, which could affect its undertaking to not recall the amounts due to itself and provide continuing financial support to DGI and its subsidiaries.

 

&ldquo Because of the significance of the uncertainties arising from the matters described above, we are unable to express an opinion on the accompanying financial statements,&rdquo the auditor said.

 

SHAREHOLDERS of have filed an application to restrain all five of Asti&rsquo s directors from convening or holding the long-awaited FY2021 annual general meeting (AGM).

 

These same shareholders earlier requisitioned an extraordinary general meeting to replace the company&rsquo s entire board.

 

On Tuesday (Aug 29), the semiconductor manufacturing services provider said that lawyers of the shareholders had e-mailed the company&rsquo s lawyers to notify them of the application, as well as inform them that the injunction application was an urgent one. 

 

The injunction application was filed on Aug 28 at 5.36 pm. The company noted that it had not been informed of any hearing date yet. 

 

Asti added that the shareholders&rsquo lawyers had asked, as an alternative should the AGM proceed, that only two resolutions be considered and voted on by shareholders at the adjourned meeting of the FY2021 AGM. 

 

One resolution relates to the receiving and adopting of the directors&rsquo statement and audited financial statements of the company for the financial year ended Dec 31, 2021, while the other relates to the appointment of accounting firm RT LLP as the company&rsquo s auditors. 

 

Should the alternative take place, the above two resolutions will be considered and voted on by shareholders during the AGM.  

 

The AGM will then be adjourned to a later date to be fixed, and the other resolutions set out in the notice will be considered and voted on by shareholders. 

 

Asti emphasised that shareholders should note there is no change to the arrangements for its FY2021 AGM, which will continue to be held at 2pm on Aug 31. However, as it noted that the injunction application has already been filed, the company said shareholders may wish to check and take note of related announcements in case of any changes ordered by the court. 

 

Trading in watch-listed Asti&rsquo s shares has been suspended since Jul 5, 2022.

SEMICONDUCTOR company Asti Holdings : 575 0% said that its upcoming annual general meeting (AGM) must proceed as planned on Aug 31 to &ldquo satisfy the requirements of Singapore law&rdquo , and any delays may jeopardise a potential exit offer.

 

In a bourse filing on Sunday (Aug 27), the company said four shareholders who are taking legal action after requisitioning an extraordinary general meeting (EGM) to replace Asti&rsquo s board are now seeking to postpone its overdue AGM.

 

The request was sent on Friday, &ldquo well after office hours&rdquo , by lawyers of the four, said Asti. The requisitioners &ndash Ng Yew Nam, Lim Chee San, Toh Cheng Hai and Ng Kok Hian &ndash also threatened to file an application to the Singapore High Court to ban the AGM, unless it is postponed, said the company. 

 

But Asti highlighted that it is not in a position to delay the AGM. 

 

&ldquo Holding the AGM is to meet a specific statutory requirement, even if and when it is already delayed&hellip The requisitioning shareholders should not attempt to exacerbate the delay or hamper the company when it is fulfilling its statutory obligations,&rdquo it said, noting that the four are not disputing that the AGM was properly and validly called on Aug 16. 

 

Asti pointed out that Aug 31 is the last possible day for the company to satisfy these requirements, as set out in a letter by the Singapore Exchange Regulation, on Jul 21. 

 

It added that the requisitioners accept that they could have, but did not, submit the necessary nomination papers to the company by Aug 19.

 

&ldquo (Their) complaint is that the FY2021 AGM was called on Aug 16, &lsquo a mere four days&rsquo before the purported EGM date,&rdquo said the company. &ldquo They are not entitled to be selective by ignoring the fact that the Aug 19 deadline is part of the timeline expressly set out in the constitution of the company.&rdquo

 

Detrimental effects

If the four had made the necessary nominations on time, as required by the constitution, they would need to simply present their comments and complaints to the rest of the shareholders at the AGM and vote on the re-election of the retiring directors, said Asti. &ldquo This would have fulfilled substantially all, if not all, of their purposes of bringing up to shareholders the principal reasons for their decision to requisition the purported EGM.&rdquo

 

Furthermore, Asti noted that postponing the AGM may jeopardise a potential exit offer from a consortium.

 

It would also result in a breach of the company&rsquo s non-binding letter of intent for the exit offer.

 

&ldquo Any postponement will (therefore) not only be detrimental but also gravely and irreversibly prejudice the interests of the company, not to mention the financial well-being of the general body of its shareholders who, if they were made an exit offer, will have the opportunity to dispose their shares before the final delisting of the company,&rdquo it said.

 

Another AGM has been scheduled for Oct 31, where the requisitioning shareholders will be able to participate and put forward proposals, Asti added. 

 

Previously, the Securities Investors Association (Singapore), or Sias, had weighed in on the matter and advised shareholders to attend both the EGM and the AGM. It noted that both meetings are avenues for shareholder discourse, and that the legality of the EGM would be for a court to decide and not the company.

 

ASTI&rsquo s board, supposedly ousted in an extraordinary general meeting (EGM) on Tuesday (Aug 22), is taking its requisitioning shareholders and other individuals whom they claimed to be appointed as new directors to court.

 

In a bourse filing on Wednesday, the semiconductor manufacturing services provider said lawyer letters have been sent to the parties&rsquo lawyers, notifying them of the company&rsquo s position &ndash that the EGM was invalidly called and is itself invalid, and that legal proceedings are in motion.

 

Through the letter, the board asserted that the parties had attempted to unlawfully take control of the company, its assets, staff and its group of companies. The parties include Ng Yew Nam, who has started writing e-mails under the designation of &ldquo Chairman, Interim Management Committee&rdquo .

 

The board also cited attempts to interfere with, or disrupt the business and governance and the officers of the company. The letter thus asked who the lawyers were representing, and if they would accept court papers for the five purported directors.

 

In describing the EGM&rsquo s aftermath, the board said Ng had e-mailed various officers and other persons who represent the company, claiming that the directors were properly appointed, and that they would be taking control of the company.

 

The board, meanwhile, reminded shareholders of an upcoming annual general meeting on Aug 31, which they are encouraged to attend, participate and exercise their voting rights. 

 

Some 220 million shares were represented at the shareholder-requisitioned EGM on Tuesday, and around 95.5 per cent were in favour of the resolutions to put Ng on the board, along with Soh Pock Kheng, Raymond Lam Kuo Wei, Chow Wai San and Yap Alvin Tsok Sein.

 

Wednesday&rsquo s bourse update was signed off by Kriengsak Chareonwongsak, non-executive chairman of Asti. Directors with him are Anthony Loh Sin Hock, Mohd Sopiyan B Mohd Rashdi, Theerachai Leenabanchong and Charlie Jangvijitkul.

 

Trading in the company&rsquo s shares has been suspended since Jul 5, 2022

 

SHAREHOLDERS of Asti have passed the resolutions of its extraordinary general meeting (EGM) on Tuesday (Aug 22) to replace the entire board with five new directors.

 

Around 95.5 per cent of the 220 million shares represented at the shareholder-requisitioned EGM were in favour of the resolutions, the semiconductor manufacturing services provider said in a statement.

 

The newly constituted board comprises Ng Yew Nam, Soh Pock Kheng, Raymond Lam Kuo Wei, Chow Wai San and Yap Alvin Tsok Sein.

 

The new board will work towards streamlining business functions, maximising cost and operational efficiencies, and maintaining organisational discipline and integrity, Asti said.

 

It will take steps to ensure that the company complies with the notices of compliance it received in April and July 2023, and with the relevant laws and regulations.

 

It will also work with all credible interested parties towards securing an exit offer, as well as consider all other options, Asti added.

 

In the meantime, the company has set up an interim management committee &ndash constituted by Ng and Soh &ndash to ensure continuity and to assist the board in reviewing and understanding the business.

 

The committee, which reports directly to the board, will also be in charge of the day-to-day business, operational and management issues of the company, pending the formal constitution of its management team.

 

The board has also limited the powers and authority of the management team during this period, &ldquo out of prudence and to ensure a proper and smooth transition, as well as to avoid any interruptions to the group&rsquo s business activities&rdquo .

 

This includes not being able to transfer, sell or create any encumbrance over the company&rsquo s assets, or make changes to the terms of the employment or appointment of the group&rsquo s employees &ndash unless approved in writing by the newly appointed directors, Asti said.

 

The EGM was requisitioned by four shareholders of the watch-listed semiconductor company.

 

The company had been sparring with the four shareholders over the validity of the EGM, and urged other shareholders to attend its AGM on Aug 31 instead, as the AGM was the &ldquo appropriate forum&rdquo to bring up any issues or resolutions.

 

The Securities Investors Association (Singapore), or Sias, urged shareholders to attend both the EGM and the AGM, as both are avenues for shareholders to discuss issues affecting them, adding that the issue of the legality of the EGM is for a court to decide, and not the company.

 

The Singapore Exchange Regulation (SGX RegCo) also noted that all parties should work together to successfully conduct a shareholder-requisitioned meeting, and if the company feels that such a requisitioned meeting should not proceed despite engagement with the requisitionists, it can seek a court ruling on the matter.

SEMICONDUCTOR company Asti Holdings : 575 0% said it received a letter from the lawyers of four shareholders, which argued that an extraordinary general meeting (EGM) requisitioned by the shareholders to overhaul the board is valid.

 

The shareholders, through their lawyers, said they had validly given notice of the proposed EGM to all relevant stakeholders.

 

Asti has been sparring with the shareholders over the validity of the Aug 22 EGM, which was requisitioned to remove all five of Asti&rsquo s directors.

 

Asti had earlier said the EGM was invalidly called, and urged shareholders to attend its long-overdue FY2021 AGM on Aug 31 instead of the EGM. Among other reasons, Asti said the requisitioning shareholders displayed &ldquo failure, neglect or reckless disregard&rdquo in not sending the notice of the proposed EGM to all shareholders.

 

The requisitioners relied on an outdated shareholder list as at Jul 22, 2022, Asti said. Advertising an EGM notice in local newspapers does not sufficiently constitute ample notice, it added.

 

In the lawyer&rsquo s letter, the requisitioners blamed the company for intentionally providing to them an outdated shareholding list, Asti said in a bourse filing on Sunday (Aug 20).

 

The parties claimed they &ldquo would not have been aware that the July 2022 Shareholding List that was provided to them was outdated&rdquo .

 

Asti&rsquo s board, however, said a list was received and signed for by the requisitioners&rsquo lawyer &ndash a partner &ndash in a letter dated May 12, 2023, which twice stated that the shareholding list was drawn up as at Jul 22, 2022.

 

The Securities Investors Association (Singapore), or Sias, has said that the issue of the legality of the EGM is for a court to decide, and not for the company.

 

It urged shareholders to attend both the EGM and the AGM, as both are avenues for shareholders to discuss issues affecting them.

 

Among the requisitioning shareholders of the EGM is Ng Yew Nam, managing director of iTrue Technologies, which checks for cosmetic defects in electronic components. Ng is seeking to be appointed to Asti&rsquo s board, along with four other individuals.

 

Asti&rsquo s stock has been suspended on the Singapore Exchange since July 2022, after it was unable to meet the requirements to exit the watch list. Regulators also ordered the company or its controlling shareholders to provide a reasonable exit offer to shareholders.

 

THE Securities Investors Association (Singapore), or Sias, has urged shareholders of watch-listed semiconductor company Asti Holdings : 575 0% to attend both the company&rsquo s upcoming extraordinary general meeting (EGM) and annual general meeting (AGM) on Aug 22 and Aug 31, respectively.

 

Both events are seen by Sias as avenues for shareholders to discuss issues affecting them and it is their &ldquo right as a shareholder to attend the meeting, ask questions, and vote&rdquo , said David Gerald, founder, president and chief executive officer of Sias, in a press statement on Friday (Aug 18). 

 

&ldquo In our view, the issue of legality of the EGM is for a court to decide and not for the company,&rdquo he added. 

 

The Sias founder was referring to Asti&rsquo s claims that the EGM proposed by four requisitioning shareholders is invalid. 

 

Separately, Asti issued a bourse filing on Friday reiterating its Aug 14 announcement where it advised shareholders not to attend the EGM scheduled on Aug 22, or lodge proxy forms in relation to the proposed EGM.

 

Sias will be holding a dialogue session with Asti&rsquo s board and management on Aug 21. Both parties welcome all Asti shareholders to attend and raise their concerns regarding the company&rsquo s latest developments and FY2021 financial results. 

 

The dialogue will look at Asti&rsquo s failures and breaches. It will also discuss EGM opportunities for the shareholders to hold the board accountable and seek changes. 

 

In its latest statement, Asti encouraged shareholders to attend its long-overdue FY2021 AGM as well as the dialogue instead of the EGM.

 

&ldquo Any attempt by the requisitioning shareholders to carry on with the clearly invalid proposed EGM on Aug 22 (ie nine days earlier), is likely to cause pandemonium and confusion as to the carrying out of the FY2021 AGM. This will be harmful to the company&rsquo s good governance and business, and will be to the detriment of both the company and the general body of shareholders of the company,&rdquo said Asti&rsquo s board. 

 

Shares of Asti have been suspended from trading since July 2022. 

SEMICONDUCTOR company Asti Holdings : 575 0% will hold its long-awaited FY2021 annual general meeting (AGM) on Aug 31, amid an attempt by several shareholders to overhaul the board.

 

The company will also hold a shareholder dialogue 10 days earlier, on Aug 21, moderated by the Securities Investors Association (Singapore).

 

The aim of this is to &ldquo maintain a spirit of open discussion&rdquo , Asti said in a bourse filing on Wednesday (Aug 16).

 

The announcement comes after four Asti shareholders tried to requisition an extraordinary general meeting (EGM), to be held on Aug 22, to remove all five of Asti&rsquo s directors.

 

Among the requisitioning shareholders is Ng Yew Nam, managing director of iTrue Technologies, which checks for cosmetic defects in electronic components. Ng is seeking to be appointed to Asti&rsquo s board, along with four other individuals.

 

Asti however on Monday said that the proposed EGM is invalid, and that the FY2021 AGM would be the &ldquo appropriate forum&rdquo to bring up any issues or resolutions.

 

In its Wednesday update, the company said that shareholders will vote on eight resolutions at the AGM, which include the re-election of four current directors and the appointment of RT as auditor for FY2022.

 

The AGM will also address a potential exit offer for Asti by Prospera Alliance, a consortium backed by Thailand-listed Capital Engineering Network and a substantial Asti shareholder, Heah Theare Haw.

 

Asti will invite representatives of Prospera to participate in the Aug 21 dialogue. The offeror had previously said it was &ldquo deeply concerned&rdquo about the implications of the proposed board overhaul.

 

&ldquo With the FY2021 financials audited, our priority is to uphold a spirit of openness even as we navigate the potential offer, which the board believes is the best available option to unlock value for shareholders amid a directed delisting of the company,&rdquo Asti&rsquo s directors said in the filing.

 

Asti added that since FY2021, it has carried out &ldquo major restructuring&rdquo , with retrenchments, the closure of loss-making units, downsizing of corporate and administrative functions and relocation to a smaller office.

 

Thanks to these &ldquo strenuous efforts&rdquo , Asti recorded an unaudited profit after tax of S$3 million for FY2022, reversing the audited loss after tax of S$11.8 million in FY2021, the company said.

 

However, Asti still could not exit the SGX watch-list by its Jun 5, 2022 deadline, as its six-month average daily market capitalisation was short of the S$40 million threshold. Trading in the company&rsquo s shares has been suspended since Jul 5, 2022.