Kumpulan Jetson shareholders' requisition notice to remove directors ruled invalid by court

TheEdge Tue, May 14, 2024 09:10pm - 1 month View Original

KUALA LUMPUR (May 14): The High Court has ruled that the requisition notice from 10 shareholders of Kumpulan Jetson Bhd (KL:JETSON) seeking an extraordinary general meeting (EGM) to remove the directors of the construction group is invalid.

Judge Wan Muhammad Amin Wan Yahya also ruled that any further action taken regarding the requisition notice is null and void, and granted the group RM10,000 in costs, said Kumpulan Jetson in a filing with Bursa Malaysia on Tuesday.

The legal action was initiated by Kumpulan Jetson last December after the group turned down the requisition notice on the grounds that the 10 shareholders did not collectively hold at least 10% of the group's shares on the day of the request.

Instead, the requisitionists — Tee Chee Beng, Chang Yin Yee, Lee Yee Wee, Chong Wan Ying, Shaun Sai Wen Fei, Teo Chor Eng, Jason Ching Chou-Yi, Tey Giap Leong, Nurdayana Isa and Muhd Alamin Ramli — collectively held only 9.45% of Kumpulan Jetson shares as at Dec 8, according to the group.

The 10 shareholders had, in their requisition notice, requested the EGM to remove deputy chairman Tunku Nooruddin Tunku Shahabuddin, executive director Edward Ng Kah Jiun, as well as non-executive directors Louise Paul Joseph Paul, Hong Cheong Liang and Goh Rui Yee from the board.

In their place, the shareholders sought to appoint Tee as well as Datuk Seri Mohmad Salleh, Chuan Sieh Yee, Joe Tee Chang Chee Lup, Boey Sook Yen and Melvin Ong Kok Ho as new directors.

Then in February this year, a slightly different 11-member shareholders group made a second attempt to call for an EGM, again to replace the group's incumbent board of directors.

It was revealed in the notice of requisition that Tee Chee Beng had joined Kumpulan Jetson in March 1980 as finance and administration manager and was appointed as the director of Jetson Construction Sdn Bhd in November 2001. The 74-year-old was later an executive director of Kumpulan Jetson from August 2017 to October 2022.

The group, which has been loss-making since the financial year ended Dec 31, 2016, posted a net profit of RM2.74 million for the quarter ended Dec 31, 2023, on the back of a revenue of RM61.38 million. There are no comparative figures as the group had changed its financial year end to March 31 from Dec 31.

Shares in Kumpulan Jetson settled up two sen or 7.27% to 29.5 sen on Tuesday, giving the group a market capitalisation RM80.46 million.

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