KUALA LUMPUR (Oct 20): Zetrix AI Bhd (KL:ZETRIX) managing director Wong Thean Soon (TS Wong) has offloaded another 3.13 million shares, bringing his stake down to 1.85%.
The shares, equivalent to a 0.04% stake, were disposed of by his investment vehicle Asia Internet Holdings Sdn Bhd on Monday (Oct 19) at five sen apiece — in line with Monday’s closing price — for RM156,500.
The disposal reduced Wong’s indirect stake to 102.7 million shares, or 1.3%, while his direct stake stands at 43.18 million shares, or 0.55%, according to a bourse filing on Tuesday.
The further reduction in his shareholding complicates Zetrix AI’s efforts to remedy the covenant breach, which requires Wong to remain the company’s largest shareholder, by the Oct 22 deadline.
If the breach cannot be resolved by then, the group will seek sukuk holders’ approval for a waiver. Without one, the breach could trigger early repayment of the RM2 billion principal and RM164.5 million in future coupon payments, bringing the potential liability to RM2.16 billion.
Margin calls on Wong’s share-backed financing facilities since late August have slashed his stake from nearly 30% to below 2%. Wong previously told The Edge Malaysia that the disposals were not voluntary and that he was considering legal action over suspected collusion and share price manipulation.
On Monday, the group announced the withdrawal of its planned first interim single-tier dividend of 0.25 sen per share for the financial year ending Dec 31, 2026, citing the need to preserve working capital amid unexpected operational expenses. The dividend, declared on Aug 24, had an ex-date of Oct 22, 2026 and was scheduled for payment on Nov 20.
As at end-June, Zetrix AI had RM541.6 million in cash and RM532.88 million in digital assets, including cryptocurrencies, against RM2.19 billion in borrowings and more than RM90 million in trade and other payables and accruals.
Zetrix AI also owes the Road Transport Department (JPJ) RM314 million in unremitted collections.
Shares of Zetrix climbed half a sen or 10% to close at 5.5 sen on Tuesday, giving it a market capitalisation of RM407.3 million.