Kumpulan Jetson investors confused by his resignation, followed by retraction

Confusion reigned among investors of Kumpulan Jetson Bhd yesterday when independent non-executive director Mohd Najib Abdul Aziz retracted his resignation a week after tendering it – without providing any reason.

Najib’s resignation and subsequent retraction is puzzling to the investing fraternity.

“It certainly raises a lot of questions,” an analyst remarked.

The company told Bursa Malaysia that a board meeting which had been scheduled for today to discuss “various matters” would now also discuss the implications of Najib’s resignation and retraction.

“Where required, a further announcement on this matter will be made after the board of directors’ meeting,” the company said yesterday.

Kumpulan Jetson had earlier accepted the resignation.

Trading in the shares of the construction firm was suspended for an hour yesterday ahead of the announcement.

The stock fell upon re-quotation, closing at the day’s low of RM1.11, down 22 sen or some 17% – its lowest level in almost a year.

On Tuesday, Kumpulan Jetson said it had appointed Foo Lee Khean, who holds directorships in SYF Resources Bhd and SMIS Corp Bhd, independent and non-executive director.

Alongside Najib, Kumpulan Jetson’s latest annual report lists seven otherdirectors, including Naza group founder Tan Sri SM Nasimuddin SM Amin’s two sons – SM Nasarudin SM Nasimuddin and SM Faliq SM Nasimuddin.

The others are Datuk Teh Kian An, Chow Chee Kin, Isnin Rahim, Datuk Dr Ong Ah Soon and Louise Paul a/l Joseph Paul.

More recently, eyebrows were also raised when Chow, who is executive director at Kumpulan Jetson, told the stock exchange in a reply to a query that he together with SM Nasaruddin and SM Faliq were not persons acting in concert.

This was after Chow had bought one million shares in the company at RM2 per share, raising his stake to 4.29%.

A bid by the Naza brothers late last year to take over Kumpulan Jetson fell through when the offerors managed to secure only 1,800 shares, boosting their stake in hand by 0.01% to 33.35%.

Attempts to contact various members of the board, including Chow, were unsuccessful.