KUALA LUMPUR (June 20): Construction group Kumpulan Jetson Bhd has redesignated its managing director Datuk Teh Kian An as executive chairman.

Teh, 75, is Jetson’s co-founder, holding a 6.04% stake in the group. His past working experience includes being an executive director of Kumpulan Suria Sdn Bhd.

The group also announced the redesignation of its non-executive chairman Datuk Dr Ong Ah Soon to non-independent and non-executive director. Ong holds a 0.17% stake in Jetson.

The boardroom changes will take effect from Thursday (June 22), its bourse filings showed on Tuesday (June 20).

Notably, Jetson’s non-independent non-executive director Kington Tong Kum Loong has acquired more shares in the group since last month.

From May 25 to June 13, Tong bought 25.08 million direct shares, or a 9.36% stake.

With a direct stake of 20.72% and an indirect stake of 6.9%, Tong is currently Jetson’s largest shareholder.

He became the group’s substantial shareholder last August, when he acquired 13.05 million shares, raising his direct stake to 7.09%. Two months later, in October, he joined the board as a director.

Jetson’s share price dropped 34.88% from a high of 43 sen on June 12, to 28 sen on June 14. On Tuesday, the counter was trading 3.64% or two sen lower at 26 sen, with a market capitalisation of RM71.01 million.