KUALA LUMPUR, (Dec 5): Jentayu Sustainables Bhd (KL:JSB) said it has been served with an originating summons and injunction application by shareholder Andy Lai Wee Young, who is challenging the company’s decision to postpone its extraordinary general meeting and seeking to invalidate the resolutions passed on Dec 4.
In a bourse filing on Friday, the group said it received the sealed court documents on Dec 1, following a filing by Lai — a shareholder with 1.36 million shares — on Nov 28.
The legal action disputes the board’s authority to postpone the Oct 22 meeting to Dec 4 and seeks court declarations that the notice of postponement, the reconvened meeting and its resolutions are invalid.
The High Court has set Jan 30, 2026 to hear the originating summons.
Pending the hearing, the company has undertaken not to issue or allot any shares under the approved private placement, but may proceed with preparatory steps such as identifying investors and producing documentation.
Given that the plaintiff’s application was only set for hearing after the scheduled meeting date, the company said it proceeded with the Dec 4 meeting because no court order prohibited it from doing so.
At the convened EGM, shareholders approved the proposed private placement, but rejected the proposed acquisition of Jentayu Solar Sdn Bhd and the proposed variation of proceeds from the group’s 2022 rights issue.
The board said the declarations sought do not amount to material litigation as they do not pose material financial or operational impact, although a prolonged dispute may affect cash flow and operations.
The company said further announcements will be made as developments arise.
Shares in Jentayu Sustainables closed unchanged at 29.5 sen a share on Friday, valuing the group at RM133.9 million.