KUALA LUMPUR (Sept 7): Wong Thean Soon, co-founder and single-largest shareholder of Zetrix AI Bhd (KL:ZETRIX), has offloaded more than 12% of his equity in the digital services company in just over a week.
Wong, better known as TS Wong, together with his vehicle Asia Internet Holdings Sdn Bhd, net disposed of 960.7 million shares — equivalent to a 12.193% stake — for a combined RM227.99 million.
The forced sell-down reduced Wong's total holding to 17.129% (8.402% direct and 8.896% indirect), down from 29.49% stake (15.19% direct and 14.30% indirect).
The selling pressure stems from margin call liquidations, which have wiped out over two-thirds of Zetrix AI's market capitalisation since Aug 26.
Bourse disclosures showed that Wong offloaded a total of 577.916 million shares between Aug 27 and Sept 4, at prices ranging from 20.2 sen to 29.9 sen, for about RM136.78 million in total. In the same period, he acquired 43.32 million shares at 66 sen apiece, or RM28.59 million.
Asia Internet, meanwhile, disposed of 426.107 million shares at between 23.6 sen and 60.6 sen apiece, for a total of RM119.79 million. The majority of the shares were sold in the lower end of that range.
In the midst of the volatility, Zetrix announced a deal on Sept 2 (last Wednesday) to raise its effective stake in a Philippine joint venture, only to call it off on Friday, before reviving the transaction with a different seller on Monday.
It is now going to buy the remaining 50% of MyEG Ventures Inc from IPVG Employees Inc — instead of Next Lion Ltd as was initially announced — again for RM130 million in shares and cash. The stake buy would increase Zetrix AI’s effective stake in MYEG Philippines Inc to 74.5%, from 51%.
When Zetrix AI cancelled its deal with Next Lion on Friday, it cited share price volatility as the reason.
Zetrix shares edged up 1.5 sen or 5.9% to close at 27 sen on Monday.
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