This article first appeared in The Edge Malaysia Weekly on October 26, 2026 - November 1, 2026

ZETRIX AI Bhd (KL:ZETRIX) has become a rudderless ship given its highly fragmented shareholding structure.

Beyond the forced sell-down of its shares held by its managing director Wong Thean Soon, several other shareholders have sold down their holdings, according to the latest shareholder list sighted by The Edge.

The list, dated Oct 6, is markedly different from the April 1 register published in its latest annual report (see table on 30 largest shareholders).

Several familiar names remain, but with smaller holdings. Others, meanwhile, have dropped off from the list over the past six months.

As for the new names, the Social Security Organisation (Socso) tops the October list with 216 million shares. Two of Zetrix AI’s share buyback accounts also appear, with a combined 179.3 million shares.

One clear change is the reduced number of accounts linked to Wong, or his vehicle Asia Internet Holdings Sdn Bhd. From dominating the list with 16 accounts, only six accounts linked to Zetrix AI’s co-founder and his investment vehicle were on the list as at Oct 6.

Of the six entries, five showed fewer shares, while the sixth, an Asia Internet account, notably held more shares. Shares in the pledged securities account with CIMSEC Nominees (Tempatan) Sdn Bhd, a unit of CIMB Investment Bank Bhd, increased by 6.8 million shares.

Ten accounts linked to Wong and Asia Internet are no longer on the list. Meanwhile, six accounts related to other shareholders also dropped out of the top 30.

Three were accounts linked to CITIC Securities International Capital Management Ltd, CGS International Futures Malaysia Sdn Bhd and KGI Securities (Singapore) Pte Ltd, while the other three were investment trading accounts of Maybank Investment Bank Bhd, Kenanga Investment Bank Bhd and Affin Hwang Investment Bank Bhd.

When comparing the lists, one account remains unchanged. The World Bank’s private sector arm, the International Finance Corp (IFC), maintained its 199.56 million shares, but rose in ranking as other accounts’ holdings retreated.

The IFC’s link with Zetrix AI began in February this year. Zetrix AI secured a RM155.65 million (US$40 million) investment from the IFC, which came in the form of a subscription in new shares to help the group fund the expansion of its digital infrastructure across the region.

The shares were issued at 78 sen each in March. At Oct 23’s closing price of 7.5 sen, IFC’s block is worth just RM14.97 million, representing a paper loss of RM140.69 million.

Other names that are still on the list but holding fewer shares are Urusharta Jamaah Sdn Bhd, CIMB Bank Bhd (EDP 2), Vanguard Total International Stock Index Fund, iShares Core MSCI Emerging Markets ETF, Vanguard Emerging Markets Stock Index Fund, the Employees Provident Fund, and an investment trading account under RHB Investment Bank Bhd.

Other new names in the top 30 are a nominee account for Utilico Emerging Markets Trust plc, a pension equities account under Denmark’s Danske Bank, UBS AG, Global Success Network Sdn Bhd, a nominee account for UBS Switzerland AG, Ashmore SICAV Emerging Markets Equity Fund, a nominee account for JP Morgan Chase Bank, JP Morgan Securities plc, Prudential Hong Kong Ltd, LCIV Emerging Market Equity Fund, iShares Cybersecurity and Tech ETF, and a nominee account for Standard Chartered Bank Singapore branch.

The majority of these accounts each hold less than 1% of the total issued shares, including treasury shares.

Wee Ka Keng also appeared on the list, holding 60.12 million shares in his own name.

The top 30 shareholders on April 1 collectively held 44.31% of Zetrix AI; their share dropped to 29.85% as at Oct 6. Both figures are calculated with treasury shares included in the share base. 

Accounts linked to Wong and Asia Internet in the April list represented 23.1% of total issued shares. This fell to 5.76% in the October list.

These figures cover only accounts appearing among the top 30, rather than Wong’s entire interest.

His latest disclosure as at press time puts his direct and indirect stake at 1.84%, calculated excluding treasury shares from the share base.

Despite the changes in shareholding, Zetrix AI’s board remains largely unchanged so far.

The only boardroom changes in recent months have been the resignation of Datuk Seri Mohd Mokhtar Mohd Shariff as an independent and non-executive director on Oct 12, and the redesignation of executive chairman Datuk Dr Norraesah Mohamad as non-executive chairman last Friday. 

Mohd Mokhtar, a retired senior police officer, joined Zetrix AI’s board in November 2020. He resigned “due to personal commitment”, according to the company. Meanwhile, Norraesah, a former substantial shareholder via Asia Internet and a former Umno Supreme Council member, has chaired the group since 2006. Her deemed interest via Asia Internet ceased in 2019.

Zetrix AI’s board currently comprises Norraesah, Wong who is group managing director, non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah and independent non-executive directors Wong Kok Chau, Mohaini Mohd Yusof and Datuk Othman Semail.

The board is largely intact despite the significant changes to the shareholder register. With Wong’s once-commanding stake diminished, the question is whether the more fragmented shareholding will eventually bring changes to Zetrix AI’s board. 

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