Tuesday, December 14, 2010

NAZA brothers exit JETSON board

A year after making a grand entrance into Kumpulan Jetson Bhd, the Naza Group brothers, Sheikh Mohd Nasarudin Sheikh Mohamad Nasimuddin Kamal and Sheikh Mohd Faliq Sheikh Mohamad Nasimuddin Kamal, have exited the construction company, a move that the market had anticipated for some months now.

In a statement to Bursa Malaysia yesterday, Jetson announced that Nasarudin and Mohd Faliq had resigned from their board memberships.

Both Mohd Nasarudin and Faliq who, via private vehicle Superior Pavillion Sdn Bhd, acquired a controlling 33.15% stake in Jetson in August last year also reduced their stakes in Jetson after disposing of 4.38 million shares or 7.2% of the company last Wednesday.

Following the sale, Superior Pavillion still owns 21.7%.

Datuk Teh Kian An, the managing director of Jetson, is believed to have acquired the 7.2% stake from the brothers based on the similarity in the transaction figures for the changes in the company’s shareholdings announced to the exchange.

According to sources, the transaction supposedly between the Naza brothers and Teh indicates that their departure from Jetson is in an amicable manner.

“There really is no problem between the Naza brothers and Teh. It’s an amicable departure,” said a source. 

When Nasarudin and Faliq, who are the sons of Naza’s late founder Tan Sri SM Nasimuddin SM Amin, bought into Jetson last year, the company was widely perceived as the construction entity to accommodate privately-owned Naza’s property projects.

Among the property development projects under the stable of Naza Group are the Platinum Park project located in the vicinity of KLCC and the Matrade Centre off Jalan Duta.  

Following their entry into Jetson, Nasarudin and Faliq were appointed executive board members, holding the posts of chairman and vice-chairman, respectively, in November last year.

Another former Naza employee, Chow Chee Kin, was also appointed executive director of Jetson. Chow was formerly the group chief financial officer of Naza Motor Trading Sdn Bhd.

However, by the middle of this year, speculation was rife that all was not well within the Jetson board, specifically, between the Naza brothers in one camp and another group led by Teh.

This was followed by the termination of joint ventures for property development projects involving Naza and Jetson due to disagreements on payment terms and project costs.

In October this year, Nasarudin and Faliq were redesignated as non-executive directors from their executive positions.

The exit of Chow from Jetson was less amicable. A faction led by Teh initiated a requisition notice for an extraordinary  general meeting to remove Chow.

The brothers did not turn up for the EGM and Chow was eventually removed from the board  on Oct 29.
- by Chong Jin Hun 

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