Kumpulan Jetson offer price may rise further

Company’s net tangible asset per share is higher than bid

PETALING JAYA: Superior Pavilion Sdn Bhd (SPSB) and Odyssey Wealth Sdn Bhd (OWSB) may have to again raise their offer price for Kumpulan Jetson Bhd shares and its irredeemable convertible unsecured loan stocks (Iculs) as the company’s shares are now trading at a three-month high, according to TA Securities Bhd research head Kaladher Govindhan.

SPSB, which is controlled by brothers SM Nasarudin SM Nasimuddin and SM Faliq SM Nasimuddin of the Naza Group, and OWSB, in which the brothers have a 50% stake, raised the offer to RM1 per share from the original offer of 70 sen and to 93 sen per Icul from 65 sen on Monday.

However, the revised offer price is still more than one-third below the net tangible asset per share of RM1.54 as at June 30.

A little known construction and property firm listed on the Bursa Malaysia main market, Kumpulan Jetson’s share price has been languishing since the beginning of the year and only started to show some life at the end of July when the counter rose a few sen from the 50-sen level it had been treading over the year.

Its share price shot up 67% to close at RM1.22 on Aug 21 from 73.5 sen after trading resumed following a suspension on Aug 20 when the first offer was announced.

The company’s share price has risen over 160% to close at RM1.34 yesterday from three months ago.

The brothers were said to want to maintain the company’s listing and use it for a backdoor listing of the Naza Group’s property assets including Naza TTDI Sdn Bhd (formerly TTDI Development Sdn Bhd).

The Naza Group is mainly involved in automotive trading and property development.

The brothers, who said before that they were making the offer in their personal capacity, could not be contacted for further information.