SINGAPORE - Asti Holdings announced in a filing on the night of Jan 15 that its current board of directors and acting chief executive officer have stepped down, while two new directors have been appointed.

The newly appointed directors are substantial shareholders Ng Yew Nam and Soh Pock Kheng, who own around 11.6 per cent and 13.3 per cent, respectively, of the voting shares in the company.

Current directors Mohd Sopiyan, Theerachai Leenabanchong and Charlie Jangvijitkul have resigned. Chief financial officer and acting CEO Anthony Loh has also resigned.

Asti has been subject to two attempts by Mr Ng and Mr Soh to call for an extraordinary general meeting to remove the board and appoint themselves and four others as directors. These actions came after a potential exit offer by Prospera Alliance was announced on May 14, 2023.

The potential exit offer subsequently fell through after Prospera Alliance elected not to pursue the offer on Oct 23, 2023. The board had met Mr Ng after the offer fell through and noted his view that a suitable exit offer could be found.

In appointing the new directors, the board said that it had considered the prospects of the company, as well as Mr Ng and Mr Soh’s persistent desire to be appointed as directors.

Asti had written to SGX Regulation Company (SGX RegCo) to appoint Mr Ng and Mr Soh as new directors. Following SGX RegCo’s approval on Jan 15, the board proceeded to appoint the two as directors effective immediately.

Mr Ng and Mr Soh will be appointing new additional directors and designating those who will be serving in an executive capacity and in the board’s various committees. The two will be expected to carry on the business of the company and reconvene the FY2021 annual general meeting to be held on Feb 1.

Trading of Asti shares has been suspended since July 5, 2022, after the group failed to exit the SGX watch list and was ordered to delist by SGX RegCo on June 6 the same year. THE BUSINESS TIMES