Business

Friday August 21, 2009

Brothers bid to take over Kumpulan Jetson

By YEOW POOI LING


Naza’s SM Nasarudin and SM Faliq say offer made in personal capacity

PETALING JAYA: Superior Pavillion Sdn Bhd (SPSB) and Odyssey Wealth Sdn Bhd have offered to acquire the remaining shares in Kumpulan Jetson Bhd that they do not already own for 70 sen each.

SM Nasarudin SM Nasimuddin Kamal and SM Faliq SM Nasimuddin Kamal own 100% of SPSB and 50% of Odyssey, while the remaining 50% in Odyssey is held by Woon Sung Liang @ Won Sung Liang and Soh Kim Hock. SM Nasarudin is group executive chairman and chief executive officer of Naza group of companies while his brother SM Faliq is group managing director of Naza TTDI Sdn Bhd.

SPSB owns 33.15% stake in Kumpulan Jetson, which it bought via several off-market deals yesterday for RM12.25mil, or 70 sen per share, and therefore it is required to make a conditional takeover offer for the rest of the shares.

In a statement, SM Nasarudin and SM Faliq clarified that they were making the offer in a purely personal capacity. Together with Odyssey, SPSB is also proposing to buy all the outstanding loan stocks and warrants that they do not own at 65 sen and 0.01 sen respectively.

SM Nasarudin SM Nasimuddin (left) and SM Faliq SM Nasimuddin own 100% of Superior Pavillion Sdn Bhd and 50% of Odyssey Wealth Sdn Bhd

Kumpulan Jetson shares were suspended from trading yesterday pending the material announcement. The stock, which was last traded at 73.5 sen, will resume trading today.

SM Nasarudin’s and SM Faliq’s late father, Tan Sri SM Nasimuddin Kamal SM Amin founded the Naza group, which is an unlisted conglomerate that imports and distributes cars like Ferrari, Peugeot and Brabus; and is involved in property development, motorbikes, hospitality, food and beverage, finance and insurance, manufacturing, research and creative solutions, transportation and logistics, and agriculture.

AmInvestment Bank, representing the offerors, said its clients intended to maintain the listing status of Kumpulan Jetson upon the completion of the exercise and would ensure the public shareholding requirement met the 25% spread.

Kumpulan Jetson told Bursa Malaysia that the board would appoint an independent adviser to provide guidance on the proposal.

The company, which is involved in construction and property development, made a net profit of RM1.2mil for the second quarter ended June 30, compared with RM13.2mil in the previous corresponding period, which saw an exceptional gain from the disposal of its environmental services division.

Revenue dropped 3.2% year-on-year to RM26.9mil due to lower contribution from the manufacturing business.

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