The Naza brothers may exit Kumpulan Jetson Bhd, barely 12 months after they took control of the company, sources familiar with the initial takeover said yesterday.
"They are studying the options of an exit strategy," said a person familiar with the matter, adding that the brothers were not happy with recent developments.
SM Nasarudin SM Nasimuddin, the elder of the siblings, told Business Times that he did not wish to make a comment at this point in time.
Business Times understands that things had been heading towards a boiling point between Jetson stakeholders over how the planned takeover of the company was handled as well as the resignation of independent director Mohd Najib Abdul Aziz.
Mohd Najib had resigned and then retracted his resignation. The Jetson board subsequently sought a second opinion on the resignation.
It was reported yesterday that the previous controlling stakeholder in Jetson wanted to regain control of the company as it was on the verge of getting a major project abroad.
Yesterday, Jetson announced the appointment of Lee Chee Hoe as executive director. He is the chief executive officer of Jetson's construction arm, Jetson Construction Sdn Bhd.
The Naza brothers, SM Nasarudin and SM Faliq SM Nasimuddin, bought 33.15 per cent of Jetson for RM12.3 million.
They subsequently made an offer to buy out the remaining shares in Jetson at 70 sen apiece, later increasing it to RM1.
The offer was effectively killed when Datuk Teh Kian An's nephew, Tee Joe Jer, bought 400,000 shares, or 0.84 per cent, on the open market at between RM1.40 and RM1.43 a share.
Teh is the current managing director of Jetson.
Teh and his family were the major sellers of the initial block of shares that allowed the Naza brothers passage into Jetson, their maiden foray in a public-listed company.
The Naza brothers, heirs to the Naza empire, had invested in Jetson in their private capacity. The premium attached to the Naza group itself helped greatly in pushing investor interest in the public-listed company.
By Francis Fernandez
Business Times
IT IS NOT TRUE NAZA BROTHERS FALIQ AND NASARUDIN ARE exiting JETSON.THE ONLY TRUTH ABT THEM IS THEY ARE LOOKING TO INJECT FEW GOOD ASSETS INTO JETSON THAT ARE NOT CONNECTED WITH THE 4 BILLION RINGGIT EMPIRE ASSETS THAT IS CLAIMED BY THE LATE TAN SRI WIVES. FALIQ AND NASARUDIN WENT INTO JETSON BECAUSE THEY WANT TO DISTANCE THEMSELVES FROM THE FEUD
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