Dr Wong Kar King, the managing director and controlling shareholder of Advanced Holdings has sold 17 million shares via an off-market transaction to Asia Agri Renewable Fund.

 

The shares represented 16.78% of the company&rsquo s entire share capital based on the total number of 101.27 million shares in issue.

 

Following the transaction, Wong&rsquo s stake has been reduced to 8.3% from 25.08% previously. Accordingly, he has ceased to be a controlling shareholder of the company. Wong will, however, remain its managing director.

 

For the 1HFY2025 ended June 30, Advanced Holdings reported a loss of $1.6 million, 6% higher than the loss of $1.5 million in the 1HFY2024.

Advance Opportunities Fund I ceases to become substantial shareholder of Advanced Systems Automation after selling more.

Advance Opportunities Fund I has sold 9.8 million shares in Advanced Systems Automation for $223,440, or at 2.28 cents apiece. The shares were sold via the market on Sept 9. 

 

Following the sale, Advance Opportunities Fund I&rsquo s stake in Advanced Systems Automation stands at 4.21%, dropping below the 5% mark and down from 5.71% previously.

 

Prior to the sale, Advance Opportunities Fund I had sold 3,488,900 shares in Advanced Systems Automation on Sept 5. 

 

Advance Opportunities Fund I has sold 3,488,900 shares in Advanced Systems Automation   for $70,824.67, or at 2.03 cents apiece. 

 

The shares were sold via the market on Sept 5. 

 

Following the sale, Advanced Opportunities Fund I&rsquo s stake in Advanced Systems Automation stands at 5.94%. 

 

Earlier today, shares in Advanced Systems Automation surged after the company announced that it was partnering with Hewlett Packard Enterprise to co-develop an initial decision intelligence proof-of-concept for a shrimp farming intelligence centre.

 

 

Advanced Holdings, through its subsidiary, Advanced Agri, has signed a non-exclusive framework agreement with PT Manunggal Perkasa to supply grains &ndash primarily wheat products &ndash to a major flour milling company in Indonesia.

 

The signing of the framework agreement was done in a bid to expand and deepen the group&rsquo s focus on its agriculture business, said Advanced Holdings BLZ 0.00% on Oct 16.

 

The agreement will see Advanced Agri supplying four shipments of 30,000 metric tons (plus or minus 10% depending on the vessel) of premium wheat. The supply will be carried out in the ordinary course of Advanced Agri&rsquo s business.

 

The price will be based on the cost and freight free out price to Cilacap, Indonesia and the payment terms shall be mutually agreed by both parties about 30 days prior to each shipment.

 

As supply for the shipments will be sourced from third party suppliers, the four shipments are expected to be carried out on a back-to-back basis where Advanced Agri will pay the suppliers after receiving payment from PT Manunggal Perkasa. As such, the company says it does not expect a &ldquo substantial&rdquo amount of capital required to complete the agreement.

 

The supply of premium wheat under the agreement will be managed by Markus Ang, an existing director at Advanced Agri.

 

PT Manunggal Perkasa is in the flour mill business and provides high quality and wholesome flour in Indonesia. The company is owned by a family member of the 30% shareholder of Agrimark. None of Advanced Holdings&rsquo directors or controlling shareholders have any indirect or direct interest in the buyer.

 

The framework agreement will commence in 1Q2024.

 

&ldquo The group is taking a very cautious and strategic step forward and upon the successful completion of this framework agreement, the group may extend and expand the scope of supply and duration, thus helping the group to build a business niche in this area,&rdquo says Advanced Holdings.

 

&ldquo The group intends to minimise the risks the group may be exposed to with back-to-back agreements with suppliers with similar payment terms which will help minimise credit exposure and hence risk, as well as cash flow. However, in future, any expansion of the scope and extension of the duration may require substantial cash flow as the group may take positions on the supply and not be able to effect back-to-back contracts for every shipment. Hence, it is prudent to maintain certain level of cash for the continued growth of the agriculture business,&rdquo it adds.