Asti’s board issues lawyer letter to requisitioners, calls EGM invalid
ASTI’S board, supposedly ousted in an extraordinary general meeting (EGM) on Tuesday (Aug 22), is taking its requisitioning shareholders and other individuals whom they claimed to be appointed as new directors to court.
In a bourse filing on Wednesday, the semiconductor manufacturing services provider said lawyer letters have been sent to the parties’ lawyers, notifying them of the company’s position – that the EGM was invalidly called and is itself invalid, and that legal proceedings are in motion.
Through the letter, the board asserted that the parties had attempted to unlawfully take control of the company, its assets, staff and its group of companies. The parties include Ng Yew Nam, who has started writing e-mails under the designation of “Chairman, Interim Management Committee”.
The board also cited attempts to interfere with, or disrupt the business and governance and the officers of the company. The letter thus asked who the lawyers were representing, and if they would accept court papers for the five purported directors.
In describing the EGM’s aftermath, the board said Ng had e-mailed various officers and other persons who represent the company, claiming that the directors were properly appointed, and that they would be taking control of the company.
The board, meanwhile, reminded shareholders of an upcoming annual general meeting on Aug 31, which they are encouraged to attend, participate in and exercise their voting rights.
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Some 220 million shares were represented at the shareholder-requisitioned EGM on Tuesday, and around 95.5 per cent were in favour of the resolutions to put Ng on the board, along with Soh Pock Kheng, Raymond Lam Kuo Wei, Chow Wai San and Yap Alvin Tsok Sein.
Wednesday’s bourse update was signed off by Kriengsak Chareonwongsak, non-executive chairman of Asti. Directors with him are Anthony Loh Sin Hock, Mohd Sopiyan B Mohd Rashdi, Theerachai Leenabanchong and Charlie Jangvijitkul.
Trading in the company’s shares has been suspended since Jul 5, 2022.
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