Memstar Technology

Memstar Technology: ($0.013) Asdew Acquisitions continues to pare down stake Asdew Acquisitions, spearheaded by local investor Alan Wang, continues to reduce his stake in Memstar via the market, disposing 61.7m shares at an average 1.6¢ over two transactions on 8 Aug and 12 Aug. This brings his latest stake to 4.5%, down from 6.8%. Interestingly, we note that Yeo Chung Sun, Managing Director of Lawton & Yeo Design Associates, recently emerged as a substantial shareholder with 15.6% stake, the company's second largest shareholder. Memstar is currently a shell entity, after selling off its entire business to United Envirotech in 1Q14, followed by a distribution of net proceeds to shareholders. The company has until Apr 2015 to acquire a new business, before its listing status is removed by SGX. At the current price of 1.3¢, Memstar is valued at $32m (ex-cash), above the typical market premium of ~$15-20m for listed shell entities.