KUALA LUMPUR (Sept 9): Zetrix AI Bhd's (KL:ZETRIX) co-founder and single-largest shareholder Wong Thean Soon's stake in the group has dropped to 13.14% as of Wednesday.
This consists of a direct interest of 7.58% (596.87 million shares) and indirect interest of 5.56% (438.17 million shares), according a bourse filing.
Wong, better known as TS Wong, and his investment vehicle Asia Internet Holdings Sdn Bhd have offloaded 1.245 billion shares — equivalent to a 16.35% stake — in Zetrix for a combined RM321.34 million over the last few days.
This has reduced his stake from 29.49% (15.19% direct and 14.30% indirect).
Wong sold 64.99 million shares between Sept 7 and Sept 8 at prices ranging from 26.1 sen to 30.5 sen, totalling roughly RM18.87 million, according to bourse filings.
Meanwhile, Asia Internet disposed of 262.58 million shares at between 27 sen and 29.9 sen apiece for RM74.49 million.
Over two-thirds of Zetrix AI's market capitalisation — amounting to RM3.467 billion — have been wiped out since Aug 26 due to heavy selling pressure from margin call liquidations.
The company's stock dropped from 66 sen, with a market capitalisation of RM5.199 billion on Aug 26, to a 12-year low of 22 sen, with a market value of RM1.732 billion on Sept 2, representing a 66.69% plunge.
The counter closed at 27 sen on Wednesday, down 3.5 sen or 11.48%, valuing the group at RM2.175 billion.
In the midst of this volatility, Zetrix AI announced a deal on Sept 2 to raise its effective stake in a Philippine joint venture, only to call it off on Friday citing share price movements. However, the transaction was revived on Monday with a different seller.
Under the revised deal, Zetrix AI will acquire the remaining 50% of MyEG Ventures Inc from IPVG Employees Inc — instead of Next Lion Ltd as originally announced — for RM130 million in shares and cash. The acquisition will raise Zetrix AI’s effective stake in MYEG Philippines Inc to 74.5% from 51%.