KUALA LUMPUR (Oct 21): Zetrix AI Bhd (KL) managing director Wong Thean Soon's stake in the digital services firm has shrunk further, diminishing the prospect of fixing a breached sukuk condition that he remains the company's largest shareholder.
According to a bourse filing on Wednesday, Wong disposed of 460,000 Zetrix AI shares the previous day at 5 sen apiece for a total consideration of RM23,000.
This brings his direct stake down to 0.541%, or 42.72 million shares, while his investment vehicle Asia Internet Holdings Sdn Bhd, holds another 1.3% or 102.7 million shares. Together Wong now holds 1.841%, a far cry from the more than 30% he once held before a sudden drop in the share price in late August triggered margin calls on his share-backed financing facilities.
The latest drop in equity comes ahead of a Oct 22 deadline for Zetrix AI to remedy a breach in its Islamic debt paper covenant that Wong remains the company’s largest shareholder.
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.
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.
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 RM314 million in unremitted collections and is being investigating by the police over the issue.
Shares of Zetrix fell half a sen or 9.09% to close at five sen on Wednesday, giving it a market capitalisation of RM404 million.
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