THE Singapore Exchange (SGX) has issued a notice of compliance to ASTI Holdings to convene its annual general meeting (AGM).

The last AGM was held on May 31, 2021 for FY2020.

The company had been given an extension to hold the FY2021 AGM by Sep 7, 2022. It said the external auditor could only give its opinion for FY2021 by Aug 18, 2022.

ASTI, whose shares have been suspended from trading since July 2022, has not held an AGM for FY2021 or FY2022 as at Apr 27, 2023.

The company had also failed to apply for an extension to convene the AGM for FY2022.

SGX said ASTI is in breach of Rule 707(1) of the mainboard rules, having failed to hold its AGM within four months of the end of the financial year. The exchange added that the AGM is a necessary forum for shareholders to get clarity on the company’s state of affairs and future plans in view of the trading suspension.

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ASTI is currently locked in a battle with a group of shareholders who have requisitioned an extraordinary general meeting to remove directors and replace them with themselves. The company has fended off these efforts, claiming that the board overhaul could be disruptive and counter-productive to an exit offer.

SGX noted the company’s constitution provides for the fact that the directors are subject to periodic retirement and re-election. There are three directors, Ahmad Rasidi Bin Hazizi, Anthony Loh and Theerachai Leenabanchong who have not stood for re-election since their appointment after the last AGM.

SGX is requiring ASTI to convene its FY2021 and FY2022 AGM by Jul 31, 2023. The AGMs are to be minimally held in a physical location in Singapore for the board to address questions from shareholders before voting on resolutions.

Failure to comply with the requirements will be deemed a breach of mainboard rules.