ASTI Holdings’ former chief executive officer (CEO) Michael Loh Soon Gnee is a step closer to capitalising on his 130.2 million shares in the company, after the purchaser’s shareholders last Wednesday (Mar 15) gave the green light to their agreement.

In a bourse filing last Friday, mainboard-listed Asti said Capital Engineering Network, which is listed on the Stock Exchange of Thailand, has received approval from its shareholders to issue 80 million ordinary shares valued at more than 216.1 million Thai baht (S$8.5 million).

That is in consideration for the purchase of Loh’s more than 130.2 million shares in watch-listed semiconductor manufacturing services company Asti, which represents a 19.9 per cent shareholding interest in the company.

The development came after Loh and Capital Engineering Network, which was declared as an unrelated third party, entered into a share purchase agreement on Feb 8.

Shares of Asti ended flat at S$0.014 before the announcement.