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Hot stock: ASTI shares up 22.5% amid advanced talks to divest STI Group
SHARE prices of ASTI Holdings rose 22.5 per cent on a high volume of 91.95 million shares on Wednesday, following an announcement on Tuesday that a Chinese company is in advanced talks with ASTI to acquire its wholly owned subsidiaries STI Group.
The share price of the mainboard-listed firm was S$0.098 as at 12.22pm, after opening at S$0.09 and reaching a high of S$0.104.
The technology group has entered into a non-binding term sheet with China Fortune-Tech Capital Co (CFTC) to divest the STI Group, which it said would strengthen its balance sheet and enable it to explore other opportunities.
Negotiations are still ongoing for the sum, which could range from S$105 million to S$115 million, it said.