KUALA LUMPUR (Sept 8): More boardroom changes were announced on Tuesday across companies linked to Zetrix AI Bhd (KL:ZETRIX) founder Wong Thean Soon, better known as TS Wong, as filings show he also trimmed his stake in Excel Force MSC Bhd (KL:EFORCE).
Wong offloaded 104.21 million shares in Excel Force via two open-market transactions on Aug 28 and Sept 1, paring his direct stake to 7.234% comprising 44.12 million shares — down from 24.322% representing 148.34 million shares as of Sept 4, 2025. He also holds an indirect 6.772% stake.
The shares were valued at roughly 10.66 million, estimated based on the volume of shares that crossed on the respective dates: 75.84 million shares in the first tranche (with the closing price at nine sen), and 28.37 million in the second tranche (closing price: 13.5 sen).
Aside from the share disposals, Excel Force announced a series of boardroom changes:
- Goh Jooi Shen, appointed as an executive director on Sept 4, was redesignated as the managing director as Wong Kak Chau relinquished the MD role to become an ED
- ED Eng Shao Han and independent directors Datuk Seri Ismail Ahmad, Datuk Mat Noor Nawi and Elisa Tan Mun-E resigned to pursue personal interests
More changes at Cuscapi and HeiTech Padu
At Cuscapi Bhd (KL:CUSCAPI), newly appointed independent director Datuk Faizal Abdullah was redesignated as the chairman, just days after his Sept 3 appointment as chairman of Sersol Bhd (KL:SERSOL). He takes over from Datuk Jayakumar Panneer Selvam, who is made a non-independent non-executive director.
Cuscapi also saw the departures of ED Datuk Seri Khazali Ahmad, and independent directors Datuk Sheah Kok Fah and Mohaini Mohd Yusof.
Over at HeiTech Padu Bhd (KL:HTPADU), former NexG Bhd (KL:NEXG) director Badrul Hisham Abdul Aziz — who also chairs Kanger International Bhd (KL:KANGER), a manufacturer of bamboo flooring that is also involved in construction, property development and healthcare — joined the board as a non-independent non-executive director.
The latest changes come on the back of a string of boardroom reshuffling and share disposals on Monday involving the same network of companies.
Cuscapi previously disclosed that its second- and third-largest shareholders, Datin Seri Lee Lan Moi and Jessie Lim Me Xian, had ceased to be substantial shareholders following off-market disposals. Wong remains its single largest shareholder with a 25.1% stake.
Separately, Wong ceased to be a substantial shareholder of HeiTech Padu after selling a 16.9% stake on Sept 4, which left him with a 0.97% direct stake in the company.
Wong also cut his equity stake in Zetrix AI by more than 12% on Monday, amid heavy selling pressure on the stock that started over a week ago. The Edge Malaysia weekly wrote that Wong had reportedly told a briefing with analysts and investors on Aug 28 — the same day Zetrix AI hit limit down — that the selldown was triggered by margin calls on pledged shares, exacerbated by short-selling activities.
Excel Force’s shares dipped one sen to close at 18.5 sen on Tuesday, giving the group a market capitalisation of RM112.8 million, while Cuscapi's counter climbed one sen to 5.5 sen, valuing it at RM52 million.
HeiTech Padu ended flat at RM1.05, giving it a market value of RM171.1 million, while Zetrix AI rose 3.5 sen to 30 sen, valuing it at RM2.41 billion.