KUALA LUMPUR (Sept 24): Zetrix AI Bhd (KL:ZETRIX) said a calculation error caused the additional delay in paying out its final dividend, as it grapples with the injunction secured by a substantial shareholder to freeze payments to certain disputed accounts.

The digital services firm said this in a Thursday evening filing, after receiving a query letter from Bursa Malaysia.

Bursa had asked for an explanation as to how the intervention of two nominees linked to the affected accounts in the legal proceedings initiated by the substantial shareholder could result in the dividend payment being further delayed to Sept 28, from Sept 23. The dividend was originally supposed to be paid on Sept 18.

"As a consent judgement was initially filed to expand the list of CDS accounts, the company had then wrongfully computed the dividend payment, which had resulted in a computation mismatch in the designated dividend account.

"In lieu of the intervention, the expanded CDS Accounts would be required to be reinserted into the computation listing. Which had resulted in a computation mismatch of the company to fund the designated dividend account," Zetrix said.

Earlier on Thursday, Zetrix announced further delay of its cash dividend payment of 2.89 sen per share to shareholders after the court allowed the intervention of the two nominees.

The two nominees are CGS International Securities Malaysia Sdn Bhd and CGS International Futures Malaysia Sdn Bhd, Zetrix said in its latest filing in response to Bursa's query.

However, it declined to disclose the shareholders whose dividend payments have been frozen by the ongoing court dispute.

"We are not party to the legal case and we do not want to be prejudiced by naming the affected shareholders," Zetrix said.

To Bursa's question on whether it can confirm if dividend payments to all unaffected shareholders will definitely be completed by Sept 28, Zetrix said its board "will take all necessary steps to ensure that the dividend payment is remitted" by the said date.

The situation arose after a substantial shareholder secured an ad-interim injunction from the Kuala Lumpur High Court that prevented the disbursement of cash dividends to certain CDS accounts that the shareholder claimed to be the beneficial owner of.

The shareholder sought the injunction after nominees allegedly failed to follow instructions to opt to receive the FY2025 dividend as shares under the dividend reinvestment plan, in lieu of cash.

The case is now fixed for hearing on Nov 11, and dividends linked to nominee accounts claimed by the substantial shareholder will remain on hold until the legal case is resolved.

Throughout the whole dispute, Zetrix AI has not named the substantial shareholder.

Its latest annual report listed managing director Wong Thean Soon, better known as TS Wong, and his private vehicle Asia Internet Holdings Sdn Bhd as its only two substantial shareholders. Asia Internet, however, ceased to be a substantial shareholder two days ago.