KUALA LUMPUR (Nov 10): Zetrix AI Bhd (KL:ZETRIX) has until Wednesday (Nov 11) to disclose material information on its financial position, unpaid dividends and a series of governance and operational issues following a directive from Bursa Malaysia Securities Bhd.
The market operator wants the company to produce information in addressing the outstanding remittances to the Road Transport Department (JPJ), payment demands from JPJ and the Inland Revenue Board, and the financial and operational impact of its suspension as a JPJ collection agent.
The required disclosures also cover the non-payment of its final dividend for 2025, withdrawal of its declared interim dividend for 2026, resignation of all independent directors and external auditors, and its employees’ share option scheme (ESOS).
“The company will take the necessary steps to disclose the material information required to address the matters outlined above by Nov 11, 2026,” Zetrix said in a filing. It added that further announcements would be made on material developments where necessary.
The disclosure deadline is separate from Bursa Securities’ instruction to pay outstanding cash dividends to shareholders unaffected by legal proceedings immediately, and no later than Nov 23.
In a filing last Friday, Zetrix said it had received a directive dated Nov 6 requiring compliance with the listing requirements concerning its final single-tier dividend of 2.89 sen per share for the financial year ended Dec 31, 2025.
The company said it would take the necessary steps to facilitate payment to the unaffected shareholders.
Bursa Securities said on that day that it viewed the developments with serious concern and could take regulatory action, including enforcement proceedings, where a breach was established.
It said any action would require a thorough examination of the facts and supporting evidence, alongside compliance with procedural requirements.
Zetrix has been in hot water since late August this year, with a series of negative developments emerging one after another. What began as a forced sell-down by its former largest shareholder, managing director and co-founder Wong Thean Soon in late August triggered a breach of a covenant under the group's RM2 billion sukuk programme in October, which requires Wong to remain its single largest shareholder.
Zetrix and its subsidiary were suspended as JPJ collection agents after failing to remit RM314 million collected on the government’s behalf. The Transport Ministry has said it plans to sue the company to recover the outstanding sum.
Amid all of this, the company postponed the payment of its final dividend for FY2025 a number of times in September this year, citing a High Court interim injunction sought by an undisclosed substantial shareholder. It was eventually paid in full, except to shareholders affected by the legal action.
Meanwhile, the company also withdrew its previously declared interim dividend of 0.25 sen per share for 2026 to conserve cash.
By the end of October, all of its independent directors had resigned, following the departure of external auditor TGS TW PLT a month earlier. Amid these developments, Zetrix offered 788.83 million employee share options at an exercise price of 5.4 sen each.
Shares of Zetrix settled half a sen or 7.69% lower at six sen during market noon break on Tuesday, valuing the group at RM484.7 million.