Minority shareholders seek court order to access records for Kumpulan Jetson EGM to remove board

• According to a filing with Bursa Malaysia, the shareholders, who claim to collectively own 10.68% of the company, want access to the shareholder list as of May 19. They have asked the High Court to allow the EGM to be held on June 18 or another date set by the court to discuss the issues they raised in their April 23 notice.

KUALA LUMPUR (May 30): A group of Kumpulan Jetson Bhd’s (KL:JETSON) minority shareholders, who were blocked from holding an extraordinary general meeting (EGM) to remove the entire board, have asked the court to compel the company to give them access to its shareholder records so they can hold the meeting.

According to a filing with Bursa Malaysia, the shareholders, who claim to collectively own 10.68% of the company, want access to the shareholder list as of May 19. They have asked the High Court to allow the EGM to be held on June 18 or another date set by the court to discuss the issues they raised in their April 23 notice.

The five minority shareholders making the requisition are 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%).

The group is also asking the court to stop the company from making any changes to the board, shares, or unusual business deals until after the EGM is held.

They want the company to pay for the legal costs and any other court orders the judge thinks are necessary. Kumpulan Jetson said the court has fixed the above matter for hearing on June 9.

This latest development follows Kumpulan Jetson’s board decision to hold off calling for the requisitioned EGM, pending the outcome of a legal suit filed by three minority shareholders challenging the validity of the notice dated April 23.

The board said the decision was made after consulting lawyer Eric Tan from Messrs Ong Kok Bin & Co, because continuing with the requisition might risk the company and its board being held in contempt of court.

Three shareholders—Ting Hoong Yi (1.35%), Ma Xiao Xiang (1.87%) and Tang Yan (1.64%)—have filed a lawsuit to cancel the April 23 requisition notice. They also want the court to stop Kumpulan Jetson from acting on the requisition until the legal case is fully resolved.

The April 23 requisition sought to remove all existing directors, 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 requisitioners proposed appointing Hong Yuk, Cheng Fang, Ilham Abadi Idris, Looi Mun Fei and Ranjit Singh Karter Singh as new directors.

Kumpulan Jetson recorded a net loss of RM17.61 million for the fourth quarter ended March 31, 2025 (4QFY2025), with a quarterly revenue of RM42.59 million. For FY2025, the company reported a net loss of RM22.15 million on total revenue of RM197.32 million.

No comparative data is available, as the company changed its financial year-end from Dec 31 to March 31 on Jan 26, 2024.

Kumpulan Jetson shares closed unchanged at 19 sen, valuing the group at RM79.2 million.

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