Kumpulan Jetson gets writ of summons to void shareholders' requisition notice

• The plaintiffs are seeking a declaration that the requisition notice was not issued bona fide, and is therefore null and void.
• Apart from that, they are requesting to restrain Jetson from carrying out the notice of requisition pending full disposal of the legal suit. Costs and any other relief deemed fit by the court are also being sought.

KUALA LUMPUR (May 6): Kumpulan Jetson Bhd (KL:JETSON) has received a writ of summons from three minority shareholders who are seeking a court order to void a requisition notice dated April 23, 2025, and to halt any corporate action based on it.

The writ of summons was served on May 6, 2025 by Ting Hoong Yi (1.35%), Ma Xiao Xiang (1.87%) and Tang Yan (1.64%), who collectively hold a 4.86% stake in the company. The trio are represented by Messrs Dennis Nik & Wong.

According to the loss-making industrial anti-vibration products manufacturer’s filing with the stock exchange on Tuesday, the plaintiffs are seeking a declaration that the requisition notice was not issued bona fide, and is therefore null and void.

Apart from that, they are requesting to restrain Jetson from carrying out the notice of requisition pending full disposal of the legal suit. Costs and any other relief deemed fit by the court are also being sought.

Kumpulan Jetson said the litigation is not expected to have a material impact on the group, either financially or operationally.

The April 23 requisition notice marks the third attempt by minority shareholders to remove Kumpulan Jetson’s board since December 2023.

The latest attempt involves five shareholders—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%)—who collectively claim to hold 10.68% of the company's shares, meeting the threshold to call for an extraordinary general meeting (EGM).

In their requisition, these shareholders were seeking to remove all existing directors—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.

They have proposed to appoint Hong Yuk, Cheng Fang, Ilham Abadi Idris, Looi Mun Fei and Ranjit Singh Karter Singh as new directors.

The first attempt to remove Kumpulan Jetson’s board came in December 2023, but was rejected due to insufficient shareholding threshold to call for an EGM.

In February 2024, a second attempt was launched by a slightly different group of 11 shareholders. However, the proposed resolutions to remove the board was rejected at an EGM in March 2024.

For the first nine months ended Dec 31, 2024, Kumpulan Jetson reported a net loss of RM4.55 million on the back of RM154.73 million in revenue. The group has changed its financial year-end from December 31 to March 31.

The stock closed one sen or 4.7% lower to 20.5 sen on Tuesday, valuing it at RM85 million.

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