MELBOURNE: Multistack International Limited (ASX:MSI) said on Wednesday it has agreed in principle to sell all of its assets and liabilities to Hong Kong-based Willing Y Limited (WYL), effectively winding down its current operations after years of losses.
The Australian air-conditioning company said its board determined the business was no longer commercially viable without a significant capital injection, which it could not raise. Under the proposed deal, WYL will acquire all assets, including Multistack’s wholly owned subsidiary, Multistack Australia Pty Ltd, and assume the company’s liabilities, subject to certain exclusions.
MSI expects to retain a small net asset position after completion, represented by cash to meet statutory obligations over the next 12 months. During that period, the board will seek new business opportunities for the listed entity.
The transaction remains subject to shareholder approval, an independent expert’s report, and regulatory clearances. A timetable will be released once definitive documents are signed, with completion targeted by the end of June 2026.