KUALA LUMPUR (Sept 24): Zetrix AI Bhd (KL:ZETRIX) is delaying its cash dividend payment to shareholders again, until Sept 28, while dividends linked to nominee accounts claimed by its substantial shareholder will remain on hold until the legal case is fully resolved.
The digital services firm said the remittance of the dividend to unaffected shareholders is “expected to be completed by Sept 28”, according to its filing with Bursa Malaysia on Thursday.
The group had originally scheduled the payment of its final dividend of 2.89 sen per share for the financial year ended Dec 31, 2025 on Sept 18, before postponing it first to Sept 23 and now to Sept 28.
Last Friday, Zetrix AI said its share registrar had received a sealed ad-interim injunction granted by the High Court of Kuala Lumpur on Sept 14, preventing the disbursement of cash dividends to certain central depository system accounts that a substantial shareholder claims to beneficially own.
The shareholder sought the injunction after nominees allegedly failed to follow instructions to receive the company’s final single-tier dividend of 2.89 sen per share for FY2025 in shares under its dividend reinvestment plan, instead of cash.
Zetrix AI did not name the substantial shareholder. However, its latest annual report identified managing director Wong Thean Soon, better known as TS Wong, and his private vehicle Asia Internet Holdings Sdn Bhd as substantial shareholders.
In Thursday’s filing, Zetrix AI said the court had allowed two nominees linked to the affected accounts to intervene in the legal action brought by the substantial shareholder. The hearing has been fixed for Nov 11, the group said.
The move has put on hold an earlier plan by the board to allow the share registrar to enter into a consent judgement with the substantial shareholder. The ad-interim injunction therefore remains in force.
Zetrix AI said the latest development has resulted in a computation mismatch in the designated dividend accounts, resulting in computation delays in the remittance of the dividend payment to shareholders. Payment to affected shareholders would be made when the legal case is fully resolved.
Meanwhile, Wong has further trimmed his stake in Zetrix AI to 6.18%, or 488.33 million shares, while his indirect stake via Asia Internet Holdings has declined to 4.78%, or 377.77 million shares.
The selling pressure stems from margin call liquidations, which have wiped out more than two-thirds of Zetrix AI’s market capitalisation since Aug 26.
There have also been a number of shareholding changes at companies linked to Wong, including Cuscapi Bhd (KL:CUSCAPI) and HeiTech Padu Bhd (KL:HTPADU).
Shares of Zetrix AI rose one sen or 5.41% at 19.5 sen at the time of writing on Thursday, giving it a market capitalisation of RM1.54 billion.