Thailand-listed Capital Engineering Network to buy 19.9% stake in Asti from non-exec chairman

CAPITAL Engineering Network Public Company, which is listed on the Stock Exchange of Thailand (SET), will acquire about 130.2 million shares or a stake of 19.9 per cent in suspended and watch-listed local chip manufacturing services company Asti Holdings. 

Capital Engineering Network is buying these shares from Asti’s non-executive chairman Michael Loh.

It was announced on Feb 9 that Loh had entered into a share purchase agreement for the disposal of his entire shareholding in the company to Capital Engineering Network.

Loh will get 80 million shares in Capital Engineering Network for his stake in Asti. These 80 million shares amount to about 216.1 million baht (S$8.5 million). 

According to a filing on the SET, the 80 million shares represent about 9.7 per cent of Capital Engineering Network’s post-allotment paid-up capital.

The acquisition of shares in Asti is subject to the approval of Capital Engineering Network’s shareholders at the extraordinary general meeting to be held on Mar 15. 

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In October last year, Asti said a substantial shareholder indicated his intention to explore a possible exit offer to other shareholders for their shares. Loh had made the announcement on behalf of Asti’s board of directors.

Previously, the company had also said it would be delisted from the Catalist board for failing to meet the requirements to exit the watch list.