ASTI Holdings Limited announced that it has appointed substantial shareholders Mr. Ng Yew Nam and Mr. Soh Pock Kheng as new directors to its Board of Directors following approval by Singapore Exchange Regulation Pte. Ltd. Following these 2 appointments, the remaining 4 members of the Board have resigned with immediate effect. The Board of ASTI had convened urgently after the announcement last Wednesday (10 January 2024) of the unexpected resignation of its Non-Executive Chairman Dr Kriengsak Chareonwongsak effective 2 days earlier.

The Board expresses its heartfelt appreciation to Dr Kriengsak for his contributions as Chairman. His resignation had left a leadership vacuum in the Board, whose 4 remaining members continued to adopt an open attitude to engage with all shareholders including Mr. Ng Yew Nam `who has indicated that a suitable exit offer could be procured'. Accordingly, the Board arranged a meeting with Mr. Ng Yew Nam.

Mr. Ng Yew Nam had led a group of shareholders to attempt 2 extraordinary general meetings last year to remove and replace the entire Board with himself and 4 others. On 12 December 2023, the Singapore High Court ruled that resolutions claimed by the requisitioners to have been passed on 22 August 2023 were `invalid and of no legal effect'.