Watch-listed Asti says proposed EGM to remove directors invalid
Yong Hui Ting
WATCH-LISTED semiconductor company Asti said on Thursday (Apr 20) that a proposed extraordinary general meeting (EGM) by its shareholders – Ng Yew Nam, Lim Chee San, Toh Cheng Hai and Ng Kok Hian – would be invalid.
The company urged shareholders not to attend the EGM, and that even if any resolutions were to be passed, they would be deemed invalid.
Asti said this is because the requisitioning shareholders did not despatch printed copies of the EGM’s notice at least 21 days before May 5 – the day the EGM is due to be convened.
It added that it obtained “written confirmation” from the requisitioning members’ lawyers that as of Apr 17, no such printed copies of the notice had been distributed to shareholders.
Given that the proposed EGM had not been properly called for, Asti’s board of directors deemed the proposed meeting as invalid.
This follows the company’s announcement on Apr 4 that it was aware of a group of shareholders – who collectively held at least 10 per cent of Asti’s shares – calling for an EGM to remove some directors of the company and appoint new ones.
The requisitioning shareholders sought to remove Kriengsak Chareonwongsak, Ahmad Rasidi Bin Hazizi, Sri Mohd Sopiyan B Mohd Rashdi and Anthony Loh, who are currently directors of Asti. In turn, they intend to elect five new directors onto the board, including Ng Yew Nam, Soh Pock Kheng, Sho Kian Hin, Chow Wai San and Yap Alvin Tsok Sein, at the EGM.
The meeting was scheduled for 10 am on May 5.
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