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Asti CEO retrenched amid ' difficult period' for company
ASTI Holdings chief executive officer (CEO) Michael Loh Soon Gnee has been dismissed by the company after more than 8 years as chief, amid an ongoing retrenchment exercise.
He will be with the company till Dec 31 this year. Anthony Loh, Asti' s chief financial officer, will be appointed as the acting CEO in the meantime. Michael Loh will continue to act as chairman.
The company-wide retrenchment exercise comes as the group looks to exit the SGX financial watch-list and remain afloat " during this difficult period" , Asti said in a bourse filing on Wednesday (Dec 22). It added that the group has been negatively impacted by the pandemic, as well as by the on-going geo-political tensions between China and the United States.
Asti was placed on the watch-list in July 2019 because it had pre-tax losses for its 3 most recently completed consecutive financial years, and failed to maintain an average daily market capitalisation of at least S$40 million over the last 6 months.
Michael Loh previously tried to resign in April 2019, but withdrew his resignation about a year later after the company requested for him to lead it amid " challenging times" caused by the coronavirus pandemic. The Mainboard-listed company had been unable to find a replacement for Loh.
As part of his termination, Loh is contractually entitled to an aggregate of S$2 million. The board has decided to pay him S$1.4 million instead.
Look ready
50% 50%
1.The board of directors of ASTI Holdings Limited (the &ldquo Company&rdquo ) refers to the Company&rsquo s announcement dated 13 August 2021 (the &ldquo Announcement&rdquo ).
2. SGX-ST has queried the Company on the Announcement and its query is set out verbatim below: &ldquo SGX: We refer to the above announcement dated 13 August 2021. Pursuant to Listing Rule 1313(2), please announce via SGXNet by 18 August 2021, the efforts and progress made in meeting the exit criteria of the watch-list.&rdquo Company&rsquo s Response
3. The Company has taken many steps with the objective of meeting the exit criteria of the watch-list. These include the steps that were announced by the Company on 5 March 2021 and 14 May 2021 on SGXNet.
4. The &ldquo Proposed Acquisition Of 100% Shareholding Interest In Emerald Precision Engineering Sdn. Bhd., Yumei Technologies Sdn. Bhd., Yumei REIT Sdn. Bhd. and Pioneer Venture Pte. Ltd. (collectively, the &ldquo Sale Companies&rdquo )&rdquo announced by the Company on 27 February 2021 on SGXNet with one of our associated company, namely Advanced Systems Automation Limited (&ldquo ASA&rdquo ) is still on-going. Once completed, the acquisition will boost the profitability of the Company.
5. ASA has already completed the disposal of its loss making subsidiaries and reported a profit of S$0.6mil for the 6 months ended 30 June 2021.
6. The Company is continuing to actively look for a 3rd party offeror for our listed subsidiary Dragon Group International Limited (&ldquo Dragon Group&rdquo ) which is presently facing delisting. DGI holds a 40% stake in an independent associate, EoCell Limited, which is undertaking costly research and development in lithium ion battery anode material. Once it is disposed of, ASTI will no longer need to consolidate the losses from Dragon Group and this should further increase its profitability. 7. The Company has the intention to transfer from Mainboard to Catalist board. It will apply for the transfer once it reached profitability subject to SGX-ST approval.
2. SGX-ST has queried the Company on the Announcement and its query is set out verbatim below: &ldquo SGX: We refer to the above announcement dated 13 August 2021. Pursuant to Listing Rule 1313(2), please announce via SGXNet by 18 August 2021, the efforts and progress made in meeting the exit criteria of the watch-list.&rdquo Company&rsquo s Response
3. The Company has taken many steps with the objective of meeting the exit criteria of the watch-list. These include the steps that were announced by the Company on 5 March 2021 and 14 May 2021 on SGXNet.
4. The &ldquo Proposed Acquisition Of 100% Shareholding Interest In Emerald Precision Engineering Sdn. Bhd., Yumei Technologies Sdn. Bhd., Yumei REIT Sdn. Bhd. and Pioneer Venture Pte. Ltd. (collectively, the &ldquo Sale Companies&rdquo )&rdquo announced by the Company on 27 February 2021 on SGXNet with one of our associated company, namely Advanced Systems Automation Limited (&ldquo ASA&rdquo ) is still on-going. Once completed, the acquisition will boost the profitability of the Company.
5. ASA has already completed the disposal of its loss making subsidiaries and reported a profit of S$0.6mil for the 6 months ended 30 June 2021.
6. The Company is continuing to actively look for a 3rd party offeror for our listed subsidiary Dragon Group International Limited (&ldquo Dragon Group&rdquo ) which is presently facing delisting. DGI holds a 40% stake in an independent associate, EoCell Limited, which is undertaking costly research and development in lithium ion battery anode material. Once it is disposed of, ASTI will no longer need to consolidate the losses from Dragon Group and this should further increase its profitability. 7. The Company has the intention to transfer from Mainboard to Catalist board. It will apply for the transfer once it reached profitability subject to SGX-ST approval.
Big buy in
Big run today ah?
SmallSmall ( Date: 04-Jun-2021 08:55) Posted:
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Why this stock has a NAV of 0.115 and cash value of $0.044 is trading at such depressed value?
Even though it is on the watch list, it should not be trading at such a discount.
Even though it is on the watch list, it should not be trading at such a discount.
Got volume today.....50% 50% chance
Director Fail to gian share holder vote
From google finance, asti dividend 70%+!!!. I think it's based on 2019 record.
the next Hi..P?
coming soon....
iinvestor ( Date: 26-Dec-2019 13:51) Posted:
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Moving liaoooz
dont like the fundamentals.
iinvestor ( Date: 26-Dec-2019 13:51) Posted:
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ya lor. . . but used to it la as in I sold. the counter run.
nvm. at least made a little kopi $
I play low risk wan.
nvm. at least made a little kopi $
I play low risk wan.
Sgvale ( Date: 26-Dec-2019 14:12) Posted:
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Sai Yang....
superstartup ( Date: 26-Dec-2019 13:42) Posted:
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This is the next Broadway my friend. Just watch
iinvestor ( Date: 26-Dec-2019 13:51) Posted:
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This one maybe engine just starting...not shell lah...got cash and biz ok
Sold my little little holdings here with tiny tiny profit as I don' t like the sudden strong support.
superstartup ( Date: 24-Dec-2019 11:42) Posted:
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Then how? Will it run? Maybe short run?
Wind22i ( Date: 24-Dec-2019 11:36) Posted:
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