KUALA LUMPUR (Sept 4): Zetrix AI Bhd (KL:ZETRIX) has exited HeiTech Padu Bhd (KL:HTPADU) after disposing of its entire 16.9% stake in the information technology services provider.
In a bourse filing on Friday, Zetrix AI said its wholly- owned unit MY EG Capital Sdn Bhd sold the stake comprising 27.5 million shares in HeiTech Padu via a direct business transaction on Sept 2.
The disposal resulted in Zetrix AI and its founder Wong Thean Soon, better known as TS Wong, ceasing to be substantial shareholders of HeiTech Padu by virtue of their interest in MY EG Capital.
Wong, however, still holds a 0.97% direct stake in HeiTech Padu.
The immediate buyer and value of the direct business transaction were not disclosed in the filing.
However, Bloomberg data showed that five blocks of HeiTech Padu shares, totalling 27.5 million shares, changed hands at RM1 each on Sept 2, representing a 2.56% premium to the counter’s closing price of 97.5 sen that day. The transactions were worth a combined RM27.5 million.
Zetrix AI, formerly known as MyEG Services Bhd, first acquired a 14.4% stake in HeiTech Padu for RM31.25 million in March 2024 as part of an investment to explore potential collaborations with the technology services provider.
The acquisition comprised 5.16 million shares bought from the open market at RM2.13 per share and 9.42 million shares acquired via direct business transactions at an average price of RM2.15 per share.
Following Zetrix AI’s exit, the largest shareholder of HeiTech Padu is the Sultan of Kelantan, Sultan Muhammad V, who holds a 23.6% stake via his private vehicle Rosetta Partners Sdn Bhd.
HeiTech Padu founder Datuk Seri Mohd Hilmey Mohd Taib holds a 2.77% direct stake and a 10.5% indirect stake.
Zetrix AI has been in the spotlight recently after its shares came under heavy selling pressure from Aug 27. The counter fell to a 12-year low of 22 sen on Sept 2 before rebounding to close at 25.5 sen on Friday.
Still, the sell-off has erased about RM3.3 billion of Zetrix AI’s market capitalisation.
Wong reportedly said he needed time to resolve the forced sale during a conference call with analysts and investors last week.
HeiTech Padu also came under selling pressure on Aug 28, when its shares plunged as much as 30%, prompting Bursa Malaysia to issue the company an unusual market activity query. The counter closed three sen, or 3.1%, higher at 99 sen on Friday, giving the company a market capitalisation of RM161.4 million.