ASTI coins new management team

The company replaced the existing directors with five new appointees.

ASTI Holdings, a semiconductor manufacturing services provider voted yesterday in favour of removing all existing directors and appointing five new directors to reconstitute the entire board.

The board members – Ng Yew Nam, Soh Pock Kheng, Raymond Lam Kuo Wei, Chow Wai San, and Yap Alvin Tsok Sein – possess the skills necessary to address the challenges faced by the company.

The newly formed board of directors includes individuals with diverse backgrounds and substantial experience in various industries such as manufacturing, electrical components, business development, auditing, accounting, legal, management consultancy, corporate development, and mergers and acquisitions. 

Shareholders representing over 220,000,000 shares voted either in person or by proxy, with approximately 95.5% of the total votes supporting the resolutions for removing the existing directors and appointing new ones.

The new board intends to review the business, operations, and financial status of the company and its subsidiaries. 

Their focus will be on optimising business functions, reducing costs, enhancing operational efficiency, and upholding organisational integrity. The board will also ensure compliance with regulatory notices and obligations.

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Additionally, the board will collaborate with credible interested parties to secure an exit offer for shareholders and explore other options that align with the best interests of the company and its shareholders.

In the meantime, an interim management committee has been established to maintain business continuity and assist the board in understanding the company's affairs. 

The committee, led by Ng Yew Nam and Soh Pock Kheng, will handle day-to-day business matters until the formal management team is put in place. The management team will report to both the Interim Management Committee and the Board.

During this transition, the board has restricted the powers of the management team to routine business activities. 

The management has been directed to seek approval from the newly appointed directors or the interim management committee for significant decisions, such as asset transfers, intra-group fund transfers, and changes to employee appointments. The management has also been instructed to protect and maintain the group's data, records, and documents.