ASTI CEO withdraws resignation amid 'challenging times' for company

Published Mon, Mar 30, 2020 · 12:54 AM

ASTI Holdings chief executive officer (CEO) and executive chairman Michael Loh Soon Gnee has withdrawn his resignation after the company requested for him to lead it amid "challenging times" caused by the coronavirus pandemic.

The semiconductor manufacturer also noted uncertainty caused by the US-China trade war, adding that it was not sure how long both situations would last and how they would develop.

The mainboard-listed company has so far been unable to find a replacement for Mr Loh, it said in a bourse filing on Sunday.

He has been CEO of ASTI since July 2013 and the company said he "understands the businesses of the group well and has strong personal relationships with major suppliers and customers of the company".

Mr Loh tendered his resignation in April last year due to unspecified "personal reasons", and was supposed to leave the firm by Apr 7, 2020.

Shares of watch-listed ASTI Holdings closed up 0.1 Singapore cent or 5 per cent to 2.1 cents on Friday.