Kumpulan Jetson puts shareholders’ requisition for EGM on hold pending legal outcome

• The decision follows consultation with legal counsel Eric Tan of Messrs Ong Kok Bin & Co, as there are concerns that proceeding with the requisition could expose the company and its board to potential contempt of court proceedings.

KUALA LUMPUR (May 7): Kumpulan Jetson Bhd (KL:JETSON) announced on Wednesday that its shareholders’ requisition dated April 23, 2025 to convene an extraordinary general meeting (EGM) will be put on hold, pending the outcome of a legal suit filed by three minority shareholders challenging the validity of the notice.

The decision follows consultation with legal counsel Eric Tan of Messrs Ong Kok Bin & Co, as there are concerns that proceeding with the requisition could expose the company and its board to potential contempt of court proceedings.

“The board of directors, upon consultation of legal counsel, is of the view that in light of the suit commenced by the plaintiffs (Ting Hoong Yi, Ma Xiao Xiang, and Tang Yan), there are concerns of contempt proceedings brought against the company and the board should any steps are taken towards compliance of the notice of requisition dated April 23, 2025,” Kumpulan Jetson said in a bourse filing.

“As such, it is decided that pending disposal of the suit, the company will keep into abeyance the requests made in the notice of requisition dated April 23, 2025,” it added.

This announcement follows a writ of summons filed on Tuesday by Ting, Ma and Tang, who collectively hold a 4.86% stake in the company. The plaintiffs are seeking a declaration that the requisition notice was not issued bona fide (in good faith), and is therefore null and void. They are also seeking an order to restrain Kumpulan Jetson from acting on the requisition pending full disposal of the legal action.

Kumpulan Jetson had previously received the requisition from 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 hold a 10.68% stake, meeting the threshold required to call for an EGM.

The group had sought to remove the entire board, including chairman Tunku Nooruddin Tunku Shahabuddin and executive director Edward Ng Kah Jiun, and replace them with new nominees.

The latest requisition notice marks the third attempt by minority shareholders to remove Kumpulan Jetson's board since December 2023. The first attempt occurred in December 2023, followed by a second attempt in February 2024, both of which were rejected.

Shares of Kumpulan Jetson closed unchanged at 20.5 sen on Wednesday, giving the industrial anti-vibration manufacturer a market capitalisation of RM85.5 million.

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