Co-founder raises indirect stake in Kump Jetson

Co-founder Tee Keng Kok's son bought 0.84 per cent of the company from the open market last week at between RM1.40 and RM1.43 a share

KUMPULAN Jetson Bhd's (9083) co-founder Tee Keng Kok has upped his indirect stake in the company, barely a month after selling the bulk of his shares in the firm to a group led by two top Naza Group executives.

Fillings to the stock exchange show the purchase was registered under Tee's son Tee Joe Jer.

Joe Jer bought 400,000 shares, or 0.84 per cent of the company, from the open market last week at between RM1.40 and RM1.43 a share.

Tee, who has more than 37 years of business experience in the trading, printing and rubber industries, is an executive director at Jetson, a position he has held in the company since July 1977.
Jetson filed in on Friday to Bursa Malaysia that Tee now indirectly owns 0.96 per cent of the company.

The company has a paid-up capital 53.07 million shares, while its estimated free float in the market is about 36 million shares.

Last month, Tee sold 5.88 million Jetson shares in a series of off-market deals to companies linked to SM Nasarudin SM Nasimuddin, group chief executive officer of the Naza Group, and SM Faliq SM Nasimuddin, group managing director of Naza TTDI Sdn Bhd and their partners.

The Naza brothers and their partners Woon Sung Liang and Soh Kim Hock, bought 33.15 per cent of Jetson in a deal valued at RM12.3 million.

They made an offer to buy all remaining Jetson securities for RM41.66 million, but subsequently increased the package to RM54.19 million.

The offer values the Jetson mother share at RM1 a piece, the loan stock at 93 sen a piece and the warrant at 1 sen a piece.

Since the fresh offer was made, the share price of Jetson have substantially run up to close the trading day at RM1.62 yesterday, the highest the stock has closed since January 7 2004.

The closing price is also small a premium over Jetson's net tangible asset of RM1.54 a share as at June 30 this year.