Zetrix AI extends decline to lowest in more than a decade

Tuesday 06 Oct 2026

Make The Edge Malaysia your preferred source on Google

KUALA LUMPUR (Oct 5): Zetrix AI Bhd (KL:ZETRIX) fell to its lowest in 13 years after the Ministry of Transport revealed that the digital services company owed the government some RM314 million.

The stock fell five sen or more than 40% to close Monday at 6.5 sen, the lowest since May 2013. More than one billion shares exchanged hands, the highest daily volume since Zetrix’ managing director Wong Thean Soon suffered forced selling on his accounts in September.

Zetrix AI has lost some 90% since the selldown at the end of August, wiping out nearly RM5 billion from its market value. At the last price, the company had a market capitalisation of RM513 million.

Analysts covering the stock say they’re still running the numbers.

Resumption of Zetrix' services will not be considered until the arrears are settled and “even if they settle all outstanding, additional conditions will be imposed, such as payments having to be directly credited into the government account,” according to Transport Minister Anthony Loke Siew Fook.

There is also no compensation clause if the government decides to terminate the contract, he said at a press conference on Monday.

Heavy selling was also seen in Cuscapi Bhd (KL:CUSCAPI) and Excel Force MSC Bhd (KL:EFORCE) linked to Zetrix AI’s managing director Wong Thean Soon.

Cuscapi fell by half a sen or 10% to 4.5 sen while Excel Force dropped four sen or 19.1% to 17 sen.

Wong has a 10.49% direct stake and 2.94% indirect stake in Cuscapi that supplies point-of-sale hardware and software. He owns a 7.23% direct stake and 7.77% indirect stake in software company Excel Force that provides stock trading platform.

Edited ByJason Ng

Text Size