KUALA LUMPUR (Aug 28): Zetrix AI Bhd (KL:ZETRIX) hit Friday’s floor in active trading as shares of the digital services firm lost half of their market value.
The stock was down 30 sen — the maximum decline allowed for a stock below RM1 — to 29.5 sen on Bursa Malaysia as of noon. It closed the day at the same price with 1.05 billion shares changing hands, making it the day's most active counter.
The sharp sell-off also prompted a suspension of intraday short selling of Zetrix AI shares for the rest of Friday.
“All remains good at Zetrix, there is no issue with the company as far as the management is concerned,” group managing director Wong Thean Soon told The Edge. “As far as we are concerned there is no investigation on Zetrix and everything is in order at the company.”
Shares of Zetrix AI's associate HeiTech Padu Bhd (KL:HTPADU) were also snagged in Friday’s sell-off, plunging as much as 30% to an intraday low of 87.5 sen. Zetrix AI holds an indirect 16.9% stake in HeiTech Padu.
HeiTech Padu closed lower by 17 sen or 13.6% to RM1.08 with a trading volume of 2.16 million shares.
Wong holds a 0.97% direct and 16.9% indirect interest in Heitech Padu, the main contractor for the government's National Integrated Immigration System project. Zetrix AI and HeiTech Padu also have an agreement to collaborate on government technology projects.
HeiTech Padu’s largest direct shareholder is Rosetta Partners Sdn Bhd, an investment vehicle linked to Sultan Muhammad V of Kelantan, with a 23.61% stake.