SYDNEY: Multistack International Limited (ASX: MSI) announced Friday that it plans to sell all assets and liabilities to Super Link Company Limited, marking an end to its current operations amid ongoing financial challenges.
The Australian-based industrial air conditioning firm, which operates primarily through Multistack Australia Pty Ltd, has been grappling with continued losses. In a statement released by the company, the board said continuing the business would require “significant capital injection,” which it deemed beyond its current capability.
Super Link, a longtime supplier to Multistack, has agreed in principle to acquire all of MSI’s assets and liabilities, likely including the full ownership of Multistack Australia and non-operating subsidiaries. In return, Super Link will forgive outstanding loans to MSI and its related entities. The consideration is expected to be nominal, reflecting MSI’s net liability position.
Pending shareholder approval and completion of definitive agreements, the transaction aims to finalize by late October 2025. MSI will retain a small amount of cash to meet its statutory obligations, including those to the ASX, and will actively seek new business opportunities during the 12-month transitional period.
The deal remains subject to regulatory and shareholder scrutiny, including an independent expert report in line with the Corporations Act and ASX Listing Rules.
“This decision marks a strategic shift for the company,” MSI’s Board stated. “While the business will be prudently maintained as a going concern in the interim, this transaction offers a practical path forward.”