KUALA LUMPUR (Oct 9): Zetrix AI Bhd (KL:ZETRIX) managing director Wong Thean Soon has cut his stake to 8.245% after selling another 46.88 million shares at 7.5 sen each on Thursday (Oct 8), worth about RM3.52 million.
According to filings with Bursa Malaysia, his direct stake now stands at 4.898%, or 386.83 million shares, while his indirect holding through Asia Internet Holdings Sdn Bhd is 3.347%, or 264.31 million shares.
Wong’s total shareholding has fallen 72% to 651.14 million shares from 2.33 billion before the sell-off began in late August.
He told The Edge Weekly recently he may take legal action over developments that have battered the company’s share price, alleging possible collusion and price manipulation. He said the disposals were forced, not voluntary.
Zetrix AI has lost about 90% of its market value since late August, hitting a 13-year low of 6.5 sen on Oct 5. The decline followed reports involving its subsidiary MyEG and the suspension of its role as a JPJ collection agent over RM314 million in arrears.
MARC Ratings placed Zetrix AI’s rating on MARCWatch Developing after Wong’s stake fell sharply, largely due to margin calls. The reduced stake leaves him with a smaller buffer to meet a bond covenant requiring him to remain the group’s largest shareholder.
In a separate filing on Friday, Wong also ceased to be a substantial shareholder of Excel Force MSC Bhd (KL:EFORCE), after disposing of 24.05 million shares on Oct 5.
As at Oct 8, Wong had 38.57 million shares, or a direct 6.324% stake, in Excel Force and almost 12 million shares, or an indirect 1.967% interest, through Asia Internet Holdings Sdn Bhd.
Prior to the sell-off, he had a 24.142% direct and 6.772% indirect interest in the company making him its largest shareholder.
Excel Force is an IT solutions provider for stockbroking firms and investment banks.
In September, he also ceased to be a substantial shareholder of Cuscapi Bhd (KL:CUSCAPI), a provider of point of sale systems, after disposing of about 103.6 million shares, representing nearly a 11% interest in the company.
Shares of Zetrix AI closed up one sen or 13.33% to 8.5 sen on Friday, valuing the group at RM686.7 million. Meanwhile, shares of Excel Force were unchanged at 15 sen, valuing the group at RM91.5 million.