Change - Announcement of Cessation::Cessation as Chief Executive Officer

Issuer & Securities

Issuer/ Manager
ASTI HOLDINGS LIMITED
Securities
ASTI HOLDINGS LIMITED - SG1G77872271 - 575
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-Dec-2021 17:29:19
Status
New
Announcement Sub Title
Cessation as Chief Executive Officer
Announcement Reference
SG211222OTHR28O9
Submitted By (Co./ Ind. Name)
DR DANIEL YEOH GHEE CHONG
Designation
LEAD INDEPENDENT DIRECTOR
Description (Please provide a detailed description of the event in the box below)
The Company have been negatively impacted by the on-going geo-political tensions between China and US and the global
pandemic. As a result, the Company, in order to ensure the Group's survival during this difficult period, have commenced a
retrenchment exercise of its respective personnel.

Additional Details

Name Of Person
LOH SOON GNEE
Age
65
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2021
Detailed Reason (s) for cessation
Dato' Loh Soon Gnee ("Dato' Loh") will cease his appointment as the Chief Executive Officer as he is one of the affected personnel in the Company's retrenchment exercise, the effective date of which will be 31 December 2021. Dato' Loh's cessation of appointment is only in relation to his appointment as the Chief Executive Officer he will, however, continue to remain as Chairman of the Company.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?
No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
No
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
08/04/2020
Does the AC have a minimum of 3 members (taking into account this cessation)?
Yes
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
0
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
4
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Executive Chairman and Chief Executive Officer
Role and responsibilities
As the CEO of the Company, Dato' Michael Loh is responsible for strategic planning, overall management and business development of the Group.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
130,209,600 ordinary shares held in own name.
Past (for the last 5 years)
Dragon Group International Limited
Advanced Systems Automation Limited
Prosem Technology Sdn. Bhd.
Flexcomm Limited
ASTI (USA) Inc.
Semiconductor Technologies & Instruments Pte Ltd
Technollis Sdn Bhd
Axesstel Inc.
FlexComm Corporation
Dragon Hill Technology Limited
FlexPro (H.K.) Limited
Present
Eocell Ltd
Eocell, Inc.
Telford Industries Pte Ltd
Eoplex Limited
Eoplex Inc.
Peratech Limited
Dragon Venture Limited
Nanjing Dragon Treasure Boat Development Co., Ltd
Jiangsu Longjiang Ship Building Co., Ltd.
DTB Limited
Procross Technology Sdn. Bhd.
ASTI Holdings Limited
O2IC Co., Ltd., Korea
Dragon Technology Asia Pacific Group Corp.
Dragon Asia Pacific Group Corporation
Sumiro Ltd