ASTI Holdings enters into term sheet to divest STI Group
ASTI Holdings has entered into a non-binding term sheet with China Fortune-Tech Capital Co (CFTC) to divest the STI Group.
Negotiations are still ongoing, with the consideration for the deal being between S$105 million and S$115 million.
The STI group is made up of five wholly owned subsidiaries - Semiconductor Technologies & Instruments; Semiconductor Technologies & Instruments Sdn Bhd; Semiconductor Technologies & Instruments Phils, Inc; Semiconductor Technologies & Instruments (Taiwan), Inc; and STI Tech Korea Co. The STI group designs and manufactures semiconductor equipment.
Under the deal - which is subject to certain conditions - ASTI grants CFTC a two-month exclusivity period upon signing the term sheet, and will negotiate the terms for the proposed disposal within that period.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Chinese share of French EV market slumps after incentives curbed
ARA H-Trust Q1 net property income up marginally to US$6.4 million
HSBC has no plans to dispose of further businesses, chairman says
JPMorgan unveils IndexGPT in next Wall Street bid to tap AI boom
Morgan Stanley, Frasers settle UK lawsuit over US$1 billion margin call
Venture posts lower Q1 net profit of S$60.1 million on weaker demand