SINGAPORE – Beleaguered semiconductor company Asti Holdings will reconvene the long-delayed annual general meeting (AGM) for its 2021 financial year in “the next few weeks”, it said in a bourse filing on Jan 1.
Asti’s board of directors has “prioritised the reconvening of the adjourned financial year 2021 AGM and will issue a fresh notice to shareholders as soon as practicable”.
The move comes after a decision announced by the Singapore High Court on Dec 12, 2023, deeming the extraordinary general meeting (EGM) called on Aug 22 by the company’s dissenting shareholders to be invalid.
The EGM was requisitioned by iTrue Technologies managing director Ng Yew Nam and three other shareholders.
It sought to remove the five members of the incumbent board of directors and replace them with Mr Ng and four other individuals.
The court also dismissed an application filed by those shareholders against the company and its incumbent board members to comply with resolutions approved at that EGM.
Asti said that the resolutions passed at the EGM were “invalid and of no legal effect”, according to the court.
It noted that the court’s decision affirmed the legal action taken by Asti to challenge the validity of the attempt to remove the current directors and appoint a new board.
It said that the court ruling means “there is absolutely no doubt that Ng Yew Nam and the four other defendants were never appointed as directors of the company”.
It added that the five directors of Asti are still Dr Kriengsak Chareonwongsak (also the chairman of the board); Mr Anthony Loh Sin Hock (also the acting chief executive); Datuk Mohd Sopiyan B Mohd Rashdi; Mr Theerachai Leenabanchong; and Mr Charlie Jangvijitkul.
In order to comply with a Singapore Exchange (SGX) Notice of Compliance, the board held the financial year 2021 AGM on Aug 31, 2023, but only two of eight resolutions were tabled.
Shareholders passed the resolution to receive and adopt the directors’ statements and audited financial statements for financial year 2021, but rejected the resolution to appoint RT as auditor of the company.
The remaining six resolutions will be considered and voted on by shareholders at the upcoming, reconvened AGM.
The lack of an auditor meant the company could not prepare audited financial statements by Sept 30, 2023, which was one of the requirements for a potential exit offer from consortium Prospera Alliance.
Asti was placed on the SGX watch list on June 6, 2019, after three years of consecutive losses.
Trading on the counter has been suspended since July 5, 2022. THE BUSINESS TIMES
