ASTI Holdings enters into term sheet to divest STI Group
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Nisha Ramchandani
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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.
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