KUALA LUMPUR (Sept 12): In a space of 25 days, Zetrix AI Bhd (KL:ZETRIX) lost its lustre as a leading blockchain and artificial intelligence (AI) related service provider in the country. The company shed some RM3 billion in its value as the share price came under selling pressure.

The selldown thrust the company’s rising development cost and debts into the spotlight. The development cost stood at RM3.7 billion as at end of June this year, a significant jump of RM900 million over six months. The debt has also shot up to RM2.2 billion as at June 30, 2026, compared with RM1.7 billion six months earlier.

The selldown of the shares is mainly due to margin pressures on the equity held by major shareholder and founder of Zetrix AI, Wong Thean Seng. His stake is now down to less than 14%, compared to 30% previously.

On paper, its growing business of providing blockchain and AI related services are intact. So are its e-government services related to the Road Transport Department and Immigration Department.

But the question arises if the company can keep up with the development cost considering the steep fall in its share price. Also, it is unclear if the customers of its blockchain and AI related services are entirely from its overseas markets.

Zetrix AI’s plans to list its AI-related services on Nasdaq would take off a chunk of its huge development cost away from its books. The plan is still intact, which is something that Zetrix AI is working on. 

Find out more about Zetrix AI’s turbulent past few weeks in Cover Story 1.

In Cover Story 2, Urusharta Jamaah Sdn Bhd (UJSB) chairman Datuk Mohd Shukri Hussin discusses the Minister of Finance Inc-owned company’s performance eight years after it took over underperforming assets from Lembaga Tabung Haji (TH) and issued two sukuks as part of the pilgrims fund's 2018 restructuring.

While TH is on firmer footing, UJSB’s net investment asset value has also improved from RM7.4 billion in 2018 to RM9.4 billion in 2025, with better returns generated across inherited assets.

But the work is far from over. In his first press interview as chairman, Mohd Shukri explains UJSB’s sukuk restructuring, extended runway and plans to fund nearly RM440 million in coupon payments to TH from next year.

“It is not easy. We have to make sure the investments in our portfolio are those that give good dividends. Not only that, [we must determine] how much to set aside…and accumulate enough to pay,” Mohd Shukri says.

He also addresses questions on the fund’s legacy assets, including TH Heavy Engineering Bhd, and dismisses allegations over asset disposals as ‘noise’. “We are concentrating on [our] mission," Mohd Shukri says.

To find out more about UJSB’s inception and its current standing, grab a copy of The Edge Malaysia weekly today.

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