Kumpulan Jetson appoints five minority shareholders’ nominees as directors ahead of AGM

• The newly appointed directors were earlier proposed to the board by a group of shareholders led by Yudishthiran Doraisamy, who together held 10.68% of Kumpulan Jetson.

KUALA LUMPUR (Sept 2): Kumpulan Jetson Bhd (KL:JETSON) has appointed five new independent and non-executive directors to its board, all of whom were nominees of a group of minority shareholders that had earlier sought to remove the company’s existing directors.

In a Bursa Malaysia filing on Tuesday, the loss-making company said that the new board members are Wong Hong Yuk, Teoh Cheng Fang, Ilham Abadi Idris, Looi Mun Fei and Ranjit Singh Kartar Singh.

The newly appointed directors were earlier proposed to the board by a group of shareholders led by Yudishthiran Doraisamy, who together held 10.68% of Kumpulan Jetson.

In April, Yudishthiran and a group of shareholders had attempted to call for an extraordinary general meeting (EGM) to oust the entire board—including chairman Tunku Nooruddin Tunku Shahabuddin and executive director Edward Ng Kah Jiun—but it was blocked after three other shareholders launched a lawsuit to challenge the validity of the requisition.

Wong and Teoh were also among the requisitioning shareholders, holding 1.21% and 0.62% stakes, respectively.

Tuesday’s appointments follow a notice of intention filed by Yudishthiran last Thursday (Aug 28) to table resolutions for the appointment of the five directors at the group’s annual general meeting (AGM) scheduled for Sept 11. Jetson had said last Friday that it was seeking legal advice on the proposal.

Kumpulan Jetson, which disposed of its loss-making construction arm last year, now derives its earnings mainly from manufacturing automotive and industrial products as well as student hostel concessions.

Shares in Kumpulan Jetson settled down half a sen or 2.94% to 16.5 sen on Tuesday, valuing the company at RM68.78 million.

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