Semiconductor manufacturing services company Asti Holdings, on Dec 16, announced the termination of the proposed disposals of its subsidiaries, Micro View Technologies and EoPlex.
The termination was due to certain conditions that had not been fulfilled as at Dec 16. As a result, the company and the purchasers of both subsidiaries had mutually agreed not to proceed with the disposals.
The company had entered into two separate sale and purchase agreements (SPAs) with their subsidiaries’ respective purchasers on Nov 3, 2021, and Dec 18, 2021.
The SPA for Micro View Technologies was entered into with Roslan Bin Affandi, who would have purchased the entire stake of Micro View Technologies amounting to 2.5 million shares at a nominal consideration of $1.
Roslan was previously the vice president of Eoplex Group & Telford Malaysia’s operations department. He had left the group on Sept 30, 2021.
The SPA for EoPlex was entered into with Instern, where the latter would have purchased an 85% stake amounting to 300 million shares, again at a nominal consideration of $1.
Instern is wholly-owned by Roslan.
According to Asti Holdings, both Micro View Technologies and EoPlex were not generating revenue, as at the time of their proposed disposals.
Asti Holdings, which is on the watch list of the SGX-ST, announced on June 6, that it will be delisted from the SGX after failing to meet the requirements for exiting the watch list.
The company has been on the list since June 6, 2019.
Trading of the company’s shares have been suspended since July 5 until the completion of the exit offer.