Zetrix AI extends decline to 12-year low, managing director TS Wong's stake shrinks
KUALA LUMPUR (Sept 2): Zetrix AI Bhd (KL:ZETRIX) on Wednesday fell for the fourth straight day to its lowest in 12 years as managing director Wong Thean Soon’s shareholding shrank amid the selldown.
Shares of the digital services firm have been under heavy selling pressure as Wong grapples with fallout from a margin call. He is the single-largest shareholder of Zetrix AI with a nearly 30% stake, making any forced selling on his account leading to outsized impact on the stock.
Zetrix AI fell as much as 21%, or 5.5 sen, to 21 sen before paring some of its losses to close at 22 sen, a level last seen in August 2014.
The stock was the most actively traded counter on Bursa Malaysia, with more than 825 million shares changing hands.
Zetrix AI has lost more two-thirds of its market capitalisation in the past four days, and was last valued at RM1.77 billion. Wong, also known as TS Wong, said he needed time to resolve the forced sale during a conference call with analysts and investors last week.
Wong’s sale
Latest disclosures show that Wong’s stake in Zetrix Ai has been reduced by about 2.4%.
On Aug 28, Wong disposed of 99.8 million shares, or a 1.5% direct stake, at 29.9 sen per share for RM29.8 million.
He also offloaded two blocks of shares through his private vehicle Asia Internet Holdings Sdn Bhd — 4.29 million shares at 60.6 sen apiece on Aug 27 and 52.3 million shares at 48 sen apiece on Aug 28 — for a combined RM27.7 million, according to a bourse filing.
Following the transactions, Wong remains Zetrix AI’s single-largest shareholder with his total stake standing at 27.5%.
In response to an unusual market activity query last Friday, Zetrix AI denied rumours linking the company formerly known as MyEG Services Bhd to former human resources minister Datuk Seri M Saravanan, who was charged with corruption.
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