KUALA LUMPUR: A group of minority shareholders of Kumpulan Jetson Bhd led by Tee Chee Beng, has failed in their attempt to oust the current board of directors and replace them with new ones.
Scrutineer IBDC (Malaysia) Sdn Bhd in a filing with Bursa Malaysia Securities Bhd said more than 70 per cent of shareholders' votes were against the removal of its current board of directors and also the appointment of five new directors at a virtual extraordinary general meeting (EGM) today.
The scrutineer confirmed that the voting process was carried out appropriately, and validated the voting results on the resolutions passed in the EGM.
Tee Chee Beng a former executive director of the company, is sister to founder of Kumpulan Jetson, Datuk Teh Kian An.
She sought to be appointed to the board along with Chuan Sieh Yee, Joe Tee Chang Chee Lup, Boey Sook Yen, and Melvin Ong Kok Ho, after removing the five currently on the board.
The five are executive director Edward Ng Kah Jiun, non-executive deputy chairman Tunku Datuk Nooruddin Shahabuddin, Louise Paul Joseph Paul, Hong Cheong Liang and Goh Rui Yee.
This is Tee Chee Beng's second attempt to remove the directors on the board.
Her first attempt in December last year was declared null and void by the company after the requisionists were found to have not met the required 10 per cent ownership threshold to call for an EGM by the company's secretarial agent and share registrar Securities Services (Holdings) Sdn Bhd.
Kumpulan Jetson is in the midst of suing the ten who had made the first requisition for defamation.
Its share price was up 2 per cent to close at 25.5 sen, giving it a market capitalisation of about RM68 million.
Kumpulan Jetson's main revenue earner is the manufacturing division that develops and manufactures anti-vibration parts for the automotive sector. It counts Proton and Perodua as its customers.
It also has a hostel management division that oversees and manages the hostels and facilities at University Putra Malaysia (UPM) under a 25-year concession with UPM, that expires in 2028.
Kumpulan Jetson recently announced that it made a net profit of RM2.73 million against RM61.375 million revenue for the fourth quarter ended Dec 31, 2023 mainly driven by higher sales from automotive industry and increased sales of solvent based chemical products in the trade market.