Advanced Systems Automations (SGX:WJ9) said the exclusivity period for the proposed disposal of its 67% stake in Emerald Precision Engineering expired, according to a Thursday filing with the Singapore Exchange.

The company had earlier agreed with Ethereal Capital to extend the exclusivity period under the proposed disposal's term sheet to March 14 from Jan. 7.

Despite the expiry, the parties continue to engage in discussions for the proposed deal, with a view of entering into respective definitive agreements, the filing said.

In an earlier filing, the company had entered into a non-binding term sheet with Ethereal Capital to sell a 67% stake in its subsidiary, Emerald Precision Engineering, for 22 million ringgit.

Shares of the company were down over 14% in recent trading.