Kumpulan Jetson Bhd has been served with a writ of summons and statement of claim seeking RM16.78 million in special damages over the termination of an agreement to acquire shares in GRP Sdn Bhd.
The suit, filed at the Kuala Lumpur High Court names Kumpulan Jetson as the first defendant, alongside GRP Holdings Sdn Bhd and GRP Sdn Bhd as the second and third defendants respectively.
The plaintiff, Ng Boon Hong, is seeking RM16.78 million, representing the purported loss of bargain suffered, or alternatively the actual insurance proceeds received or receivable by GRP Sdn Bhd.
According to Kumpulan Jetson, Ng had on Jan 9, 2026 entered into a share sale agreement (SSA) with GRP Holdings to acquire 100% of the issued shares in GRP Sdn Bhd, comprising 3,000,006 shares, for RM3 million.
However, it said GRP Holdings subsequently rescinded and terminated the SSA through a written notice dated March 6, 2026.
The termination was based on two grounds — the alleged frustration of the SSA following a fire incident, and the expiry of the conditions precedent period stipulated under the agreement.
Kumpulan Jetson said GRP Holdings and GRP Sdn Bhd were previously subsidiaries of the group but ceased to be part of Kumpulan Jetson on May 15, 2026.
The group had earlier announced on April 22 that its entire interest in GRP Holdings, together with its wholly owned subsidiary GRP Sdn Bhd, would be sold to THH Engineering Sdn Bhd.
The disposal was subsequently completed on May 15.
Despite this, Ng has included Kumpulan Jetson as the first defendant in the latest suit, alleging that the termination or rescission of the SSA was wrongful and seeking damages for the purported breach.
Kumpulan Jetson noted that it was not a party to the SSA between Ng and GRP Holdings.
