Asti’s potential offeror concerned a newly-appointed board won’t be receptive to its offer

ASTI Holdings’ potential offeror, Prospera, is “deeply concerned” the resolutions that requisitioning shareholders seek to pass suggest a newly-appointed board may not be receptive to its potential offer.

Prospera is a consortium comprising Thailand-listed company Capital Engineering Network Public Company (CEN) and Heah Theare Haw, a substantial shareholder of Asti. CEN has energy, engineering and construction materials businesses.

Asti shareholder Ng Yew Nam and three other shareholders have requisitioned an extraordinary general meeting to remove all five of Asti’s directors and replace them with Ng and four other individuals.

In a bourse filing on Friday (Aug 11), the potential offeror noted that the move to do so will remove Theerachai Leenabanchong, who is a CEN-nominated director.

“Prospera has informed Asti that Prospera is concerned whether this is indicative that the new board is not receptive to the potential offer,” the company said.

Asti also said that the potential offeror has indicated it will consult its shareholders to assess the viability of implementing the offer.

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The Singapore Exchange in July 2022 ordered the counter to be suspended, as Asti was unable to meet the requirements to exit the watch list, and provide a reasonable exit offer to shareholders.