SHAREHOLDERS of Asti Holdings : 575 0%approved the adoption of the semiconductor company’s FY2021 audited financial statements at its annual general meeting (AGM) on Thursday (Aug 31), but voted against the appointment of RT as auditor.

The results come amid a tussle between Asti’s board and a group of shareholders seeking to oust it and appoint new directors.

Thursday’s meeting was co-chaired by representatives from both sides: incumbent Asti director Dr Kriengsak Chareonwongsak and Chow Wai San, one of the individuals seeking to replace the existing directors.

About 94 per cent of votes cast at the AGM, representing 243.9 million shares, were in favour of receiving and adopting the directors’ statement and audited financial statements for FY2021 ended Dec 31. However, 52.3 per cent of votes – or 207.5 million shares – were against RT’s appointment.

Shareholders voted on only these two resolutions at Thursday’s AGM, down from the initial eight resolutions, as per directions from the Singapore High Court. This is in view of ongoing legal applications by four dissenting Asti shareholders, led by the managing director of an electronics company, Ng Yew Nam.

The dissenters had filed a legal application on Aug 28 to restrain Asti and its five directors from holding the AGM. The same group had requisitioned an extraordinary general meeting (EGM) on Aug 22 to overhaul the board and appoint five new directors.

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Asti said that the EGM was invalid and on Aug 24, its lawyers lodged proceedings against eight defendants – the four shareholders and four others, including Chow, who claim to have been appointed as incoming directors.

Following the vote on Thursday, Asti adjourned the meeting. It will issue a fresh notice for the FY2021 AGM, with at least seven days’ notice, when the court has determined the status of its directors. The remaining six resolutions will be tabled at the reconvened meeting.

In a statement on Friday, Asti’s incumbent board said that the FY2021 AGM will facilitate the progress of a potential exit offer from Prospera Alliance, a consortium backed by Thailand-listed Capital Engineering Network and substantial Asti shareholder Heah Theare Haw.

The statement cited Dr Kriengsak as having told shareholders at the AGM that Prospera committed “considerable time and resources” to the exit offer.

“There have been questions as to whether this potential offer is serious… We have to ask ourselves: if they are not even serious to begin with, whether they would have put in so much effort despite the multiple challenges,” he said.

He added that Ng has been quoted in the media “saying he is interested in making an offer, and that he thinks he can find credible offerors who can put up S$40 million to S$50 million”.

“As the potential offeror has already expressed concerns regarding recent developments, shareholders should also ask Ng if he indeed has an alternative offer if the current potential offeror does not proceed,” Dr Kriengsak said.

Trading in the Asti’s shares has been suspended since Jul 5, 2022.