This article first appeared in The Edge Malaysia Weekly on September 7, 2026 - September 13, 2026

How can a RM130 million transaction that appears to have been hastily put together be called off within three days?

That is what happened at Zetrix AI Bhd (KL:ZETRIX), which has been in the limelight since Aug 28. On that day, there was a sharp selldown of its shares and the stock hit limit down after unusually heavy trading volume.

On the same day, in response to a query from Bursa Malaysia over the unusual market activity, Zetrix stated that there were no corporate developments within the company. It also distanced itself from the criminal charges faced by former human resources minister Datuk Seri M Saravanan.

Coincidentally, on the day of the sharp selldown, Saravanan was charged with alleged corruption related to the issuance of foreign labour quotas.

When the stock market reopened for trading on Sept 1, after an extended weekend over the Merdeka Day celebrations, Zetrix announced the acquisition of a 50% stake in MyEG Ventures Sdn Bhd. It was supposed to acquire the stake from Next Lion Ltd for RM130 million, with the deal to be financed through a combination of shares and cash. The maximum number of shares to be issued is 360.6 million, with the balance to be paid in cash.

MyEG Ventures has a 51% stake in MyEG Philippines Ltd, while Next Lion is wholly owned by Sean Yap Shon Leong, CEO of M&A Value Partners Asset Management Malaysia Sdn Bhd, whose shareholder is M&A Equity Holdings Bhd (KL:M&A).

Last Friday, just three days after the deal was announced, Zetrix terminated the proposed acquisition of the 50% stake in MyEG Ventures, citing volatility in its share price.

This suggests that the deal to acquire the stake in MyEG Ventures was hastily put together, given that Zetrix had disclosed to Bursa Malaysia on Aug 28 that there were no corporate developments within the company. That being the case, the deal must have been hatched over the extended weekend, as it was announced on Sept 1, just four days later.

The reason for terminating the proposal also comes as a surprise. That is because Zetrix’s share price was already volatile when the deal was announced. So, what has changed?

Save by subscribing to us for your print and/or digital copy.

P/S: The Edge is also available on Apple's App Store and Android's Google Play.