Asti seeks 2nd time extension for AGM due to difficulties finalising accounts

WATCH-LISTED semiconductor manufacturing services company Asti Holdings, which dismissed its chief executive officer in a retrenchment exercise last December, on Friday (May 27) applied for a second month’s extension to hold its annual general meeting (AGM). 

In a bourse filing announcing this, it stated 6 reasons for having to post the application, half of which relate to its units’ inability to finalise their accounts for the 2021 financial year on or prior to May 12.

The units are Advanced Systems Automation (ASA), which is an associate of the group; and Asti subsidiaries Dragon Group International and Shanghai Jinglong Semiconductor Technology.

Thus, Asti said it could not finalise its financial statements for FY2021, and is unable to hold its AGM by May 31 – the new deadline following Asti’s last application on Apr 1. Its latest application to the Singapore Exchange Securities Trading sought an extension to Jun 29.

Asti stated only 1 reason in its first application for a time extension, and it related to an impairment assessment that was not ready. The assessment was for its 40 per cent equity interest in EoCell for the purpose of financial reporting. 

On Friday, Asti cited that as one of the reasons again, saying that its auditors are in the midst of reviewing the draft valuation results in relation to the impairment assessment and are targeting to complete the review by Jun 8.

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As for the remaining 2 reasons, Asti said its auditors are reviewing the working papers of the auditors of DTB Limited and are in the process of clarifying some matters with DTB’s auditors.

The auditors have also requested the company’s management to review its assessment on the impairment on the right-of-use asset of Micro View Technologies, given that the premise is currently not in use. In addition, the auditors have requested for documentation on the reinstatement cost on the rented premise, Asti added.

Shares of Asti closed 9.5 per cent or S$0.002 lower at S$0.019 on Friday, before the announcement.