SYDNEY: Multistack International Ltd (ASX:MSI) has entered into a binding deal to sell substantially all its assets to Hong Kong-based Willing Y Ltd (WYL), a move that will see the Australian air conditioning company shed its main operations and emerge as a listed shell with limited net assets.
The asset sale deed, signed after the board concluded the business was no longer commercially viable without a capital injection beyond the company’s means, will transfer most assets and liabilities to WYL. The transaction includes 100% of the shares in Multistack’s wholly owned Australian subsidiary.
Multistack, which announced the proposed transaction on April 8, said the deal requires shareholder approval under ASX Listing Rule 11.2 as it constitutes a disposal of the company’s main undertaking.
Completion is conditional on several customary approvals, including a nod from Multistack shareholders, an independent expert’s report, clearance or non-objection from Australia’s Foreign Investment Review Board (FIRB) and the Australian Competition and Consumer Commission (ACCC).
The company said it would send shareholders a notice of meeting and explanatory memorandum with an independent expert’s report in due course.
WYL focuses on exporting air conditioning components from China and is seeking to expand into the Australia and New Zealand market, Multistack said.
Completion is scheduled for June 30, 2026, unless otherwise agreed by the parties. Multistack’s board said it would pursue opportunities for a new business activity after the transaction.
The announcement was authorised by Multistack’s board. Company Secretary Yan Wong signed the release.