Asti issues profit warning for FY2023
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Derryn Wong
SEMICONDUCTOR company Asti Holdings said that it expects to report a net loss for the year ended Dec 31, 2023, compared to the previous corresponding period.
In a profit warning issued on the Singapore Exchange on Tuesday (Feb 6), it said that the expected net loss is mainly due to a decline in revenue generated in FY2023 compared to the previous financial year.
It also cited the provision for impairment on “certain assets” of the company as another reason, without elaborating.
More details will be provided in the company’s FY2023 financial results, which are expected to be released “on or before Feb 29, 2024”, it said.
Asti has been roiled by shareholder disputes. Four dissenting shareholders requisitioned an extraordinary general meeting (EGM) in August 2023 to replace all five of the company’s directors.
The Singapore High Court had deemed this EGM to be invalid; however, the incumbent board of directors was replaced on Jan 15, 2024.
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Directors Mohd Sopiyan, Theerachai Leenabanchong and Charlie Jangvijitkul resigned. Chief financial officer and acting CEO Anthony Loh also stepped down.
Earlier on Jan 11, non-executive chairman and director Dr Kriengsak Chareonwongsak resigned, citing “the uncertainty and divergence in the future direction of the company”.
Two new directors, Ng Yew Nam and Soh Pock Kheng (who were among the four dissenting shareholders), were appointed directors on Jan 15.
Trading in the shares of Asti has been suspended since July 2022.
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