Kumpulan Jetson’s board faces third removal attempt since December 2023

• The first attempt to remove the board, involving a 10-member shareholder group, failed after the requisition was rejected in the same month.

KUALA LUMPUR (April 24): Kumpulan Jetson Bhd’s board faces a new removal attempt by minority shareholders, who claim to hold at least 10% of shares, giving them the right to call an EGM to vote on removing the board and appointing new directors.

This is the third attempt to remove the board since December 2023.

The group comprises five shareholders, namely Yudishthiran Doraisamy (4.05%), Dhayalini PG Doraisamy (4.01%), PG Doraisamy P Gopal (0.79%), Wong Hong Yuk (1.21%) and Teoh Cheng Fang (0.62%).

According to Jetson’s filing with Bursa Malaysia on Thursday, these shareholders are seeking to remove the entire board, including chairman Tunku Nooruddin Tunku Shahabuddin, executive director Edward Ng Kah Jiun, and non-executive directors Louise Paul Joseph Paul, Hong Cheong Liang and Goh Rui Yee.

In their place, the group is proposing to appoint Hong Yuk, Cheng Fang, Ilham Abadi Idris, Looi Mun Fei and Ranjit Singh Karter Singh as new directors of the loss-making industrial anti-vibration products manufacturer.

The shareholders have requested that an EGM be convened to deliberate on the proposed resolutions.

The first attempt to remove the board, involving a 10-member shareholder group, failed after the requisition was rejected in the same month. Jetson’s secretarial agent and share registrar, Securities Services (Holdings) Sdn Bhd, found that the group’s combined shareholding stood at 9.45%, below the 10% threshold required to call for an EGM.

Following this, Jetson initiated legal action against the December requisitionists, seeking damages arising from what it described as the “defective and invalid nature” of the EGM notice.

In February 2024, a second attempt was made by a slightly different group of 11 shareholders. However, the proposed resolution to remove the board was rejected at an EGM held on March 11, 2024.

Subsequently, on May 14, the High Court ruled that the requisition notice by the 10 shareholders was invalid, declaring any related action null and void.

Jetson reported a net loss of RM1.7 million for the financial year ended Dec 31, 2024, on revenue of RM53 million. There are no comparative figures, as the company changed its financial year-end from December 31 to March 31.

Shares of Kumpulan Jetson closed unchanged at 20.5 sen on Thursday, valuing the company at RM85.4 million.

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