This article first appeared in The Edge Malaysia Weekly on September 21, 2026 - September 27, 2026

SHAREHOLDERS of Zetrix AI Bhd ­(KL:ZETRIX) must be a nervous lot, as questions as to what is going on at the digital services and technology company abound.

Last Friday, it announced that a substantial shareholder of the company had been granted an injunction by the High Court on Sept 14 to prevent the payment of a 2.89 sen per share cash dividend to certain Central Depository System accounts owned by the substantial shareholder, citing the failure of the nominees to comply with the instructions to elect to receive dividend reinvestment plan (DRP) shares in lieu of cash.

Zetrix AI says, “Accordingly, the payment of the cash dividend, which was initially fixed for Sept 18, 2026, to the shareholders of the company will be delayed and is expected to be completed on or before Sept 23, 2026.”

Zetrix AI’s only substantial shareholder is Wong Thean Soon, better known as T S Wong, who has been at the helm of the company since its listing in January 2007.

In a nutshell, Wong jammed the payment of the 2.89 sen dividend to shareholders as the DRP he had presumably chosen for some of his shares had not been executed by his nominees.

How shareholders view the pushing of the dividend payment to a later date remains to be seen, and raises a number of questions. If the nominees referred to are brokerage firms, then shouldn’t Wong just take action against them, and if indeed he was using proxies, were they declared?

This comes on the back of a number of issues that have emerged at companies linked to Wong.

There have been a number of shareholding changes at companies linked to Wong, as shares held in his name are force-sold. At his flagship Zetrix AI, he now controls 11.96%, or 942.47 million shares — a far cry from the 29.25% stake, or 2.32 billion shares, held in early April this year.

Zetrix AI stock has shed close to 75% of its value since end-July, with Wong seemingly the largest loser, as his shares were force-sold.

The shares hit 17 sen in intra-day trading on Sept 1, the lowest in more than a decade. While they closed at 20 sen last Friday, they may dip on Monday as the market reacts to the dividend payment being delayed.

Zetrix AI and Wong had at one time stakes in a string of companies, including MyTech Group Bhd (KL:MYTECH), Agmo Holdings Bhd (KL:AGMO), Cuscapi Bhd (KL:CUSCAPI) and HeiTech Padu Bhd (KL:HTPADU). Today, in addition to Zetrix AI, Wong — in his own name and via his vehicle Asia Internet Holdings Sdn Bhd — holds 14% interest, or 85.42 million shares, in Excel Force MSC Bhd (KL:EFORCE).

Zetrix AI ceased to be a substantial shareholder of HeiTech Padu after hiving off its entire 27.55 million shares, or 16.9% stake, on Sept 4. HeiTech Padu shares shed close to 23% from the RM1.27 level at end-August to close at 98 sen last Friday.

At Cuscapi, Wong ceased to be a substantial shareholder on Sept 11, after he disposed of 103.62 million shares, resulting in his shareholding falling below the 5% interest required for disclosure.

Another twist emerged at Cuscapi, a provider of point-of-sale systems, with Tan Boon Seng surfacing as a substantial shareholder with 100.33 million shares, or 10.62% equity interest. Sources say Tan is the son of the late gaming tycoon Datuk Vincent Tan Ting Wong, one of the founders of the popular restaurant chain Dragon-i.

It is not clear if Wong’s shares in Cuscapi were transferred to Boon Seng as part of some financial arrangement, rather than a sale.

Cuscapi’s stock slipped from 10 sen in mid-August to a low of four sen on Sept 4, before regaining some ground to close at 6.5 sen last Friday.

Zetrix AI made a net profit of RM540.58 million on revenue of RM813.02 million for the six months ended June 30, 2026 (1HFY2026). In the previous corresponding period, it had registered a net profit of RM380.79 million on revenue of RM607.88 million.

As at end-June this year, the company had cash and cash equivalents of RM541.6 million. On the other side of the balance sheet, it had long-term loans and borrowings of RM1.34 billion and short-term debt commitments of RM853.06 million.

Zetrix AI’s non-current assets include a RM3.73 billion sum termed as development costs. This figure had increased from RM2.85 billion as at Dec 30 last year.

Zetrix AI’s stock has also been heavily traded. A check on Bloomberg shows that the counter’s average daily trading volume over the past year exceeded 120 million shares, but then again, it has a share base of 7.94 billion.

It is also noteworthy that the bulk of Wong’s shares is pledged. 

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