ASTI Unit Dragon Group International to Liquidate

MT Newswires08-14

ASTI's (SGX:575) 40.98% owned subsidiary, Dragon Group International, will undergo creditors' voluntary liquidation, according to a Tuesday filing on the Singapore Exchange.

Dragon Group International's board has approved the move under the Insolvency, Restructuring and Dissolution Act.

Dragon Group International will hold meetings with creditors and shareholders to finalize the process. ASTI is assessing the impact on its financials.

ASTI's executive director and CEO, Ng Yew Nam, holds a 1.44% stake in Dragon Group International. Executive director and chief operating officer, Soh Pock Kheng, has a 1.47% stake and is also a Dragon Group International director.

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