KUALA LUMPUR (Oct 12): Zetrix AI Bhd’s (KL:ZETRIX) managing director Wong Thean Soon, better known as TS Wong, has continued to sell down his shareholding, further reducing his stake in the company.
With a 3.091% direct interest and a 3.347% indirect stake, he remains the company’s sole substantial shareholder.
According to a filing with Bursa Malaysia, about 142 million shares directly held by Wong were sold at prices ranging from seven sen to 11.2 sen apiece, for a total of RM11.6 million.
Wong’s total shareholding has fallen by 78% to 508.41 million shares from 2.33 billion before the sell-off began in late August.
He recently told The Edge Weekly that he may take legal action over developments that have battered the company’s share price, alleging possible collusion and price manipulation. He said the share disposals were forced rather than voluntary.
Zetrix has lost about RM4.6 billion, or 88%, of its market value since late August, when the forced selling of Wong’s shares began.
In a separate filing, the company said its independent director Datuk Seri Mohd Mokhtar Mohd Shariff resigned on Monday, citing personal commitments. The filing showed that there were no disagreements between him and the board and that there are no matters that need to be brought to the attention of shareholders.
The 69-year-old former director of the police Special Branch joined the board on Nov 9, 2020.
His resignation comes a week after the government announced that its subsidiary, MyEG Sdn Bhd, had been suspended from its role as a Road Transport Department (JPJ) collection agent over RM314 million in arrears for the period from May to September this year.
Zetrix shares fell 11.76% on Monday to 7.5 sen apiece, giving the company a market capitalisation of RM605.9 million. The stock is down almost 90% year to date.