Notice Regarding the Transfer of Equity Interest in a Subsidiary
ASTI Corporation hereby announces that, at the meeting of the Board of Directors held on 29 June 2026, the Company resolved to transfer its entire equity interest in Zhejiang ASTI Electric Co., Ltd. (hereinafter referred to as "Zhejiang Company"), a subsidiary of the Company.
Reason for the Transfer:
Zhejiang Company was established in 1994 and has manufactured automotive wire harnesses, in-vehicle ECUs, and related products for more than three decades. In light of the slowdown in China's economic growth and intensified competition from local Chinese companies, the operating environment has become increasingly challenging. To optimise the allocation of management resources and strengthen its focus on growth areas, the Company has decided to transfer its entire equity interest in Zhejiang Company to a Chinese company.
Zhejiang Company was established in 1994 and has manufactured automotive wire harnesses, in-vehicle ECUs, and related products for more than three decades. In light of the slowdown in China's economic growth and intensified competition from local Chinese companies, the operating environment has become increasingly challenging. To optimise the allocation of management resources and strengthen its focus on growth areas, the Company has decided to transfer its entire equity interest in Zhejiang Company to a Chinese company.
Profile of the Transferee:
In accordance with the confidentiality agreement between the parties, detailed information regarding the transferee, including its name, shall not be disclosed. The transferee is a Chinese private-sector company and has no capital, personnel, or business relationship with the Company. Based on an assessment of the transferee's credibility, business operations, and other relevant factors, we have concluded that the transferee is an appropriate party to the transaction.
In accordance with the confidentiality agreement between the parties, detailed information regarding the transferee, including its name, shall not be disclosed. The transferee is a Chinese private-sector company and has no capital, personnel, or business relationship with the Company. Based on an assessment of the transferee's credibility, business operations, and other relevant factors, we have concluded that the transferee is an appropriate party to the transaction.
Impact on Financial Results:
The Company expects the impact of this transfer of equity interest in Zhejiang Company on the consolidated financial results for the fiscal year ending 31 March 2027 to be immaterial.
The Company expects the impact of this transfer of equity interest in Zhejiang Company on the consolidated financial results for the fiscal year ending 31 March 2027 to be immaterial.
