KUALA LUMPUR (Nov 11): Zetrix AI Bhd (KL:ZETRIX) has an additional two days to disclose material information on its financial position, dividend issues and a series of governance and operational issues, after securing an extension from the bourse regulator.

Bursa Securities has approved its application to extend the deadline to Friday (Nov 13) from Wednesday, said the company in an exchange filing on Wednesday.

“The company will take the necessary steps to ensure compliance with the directive within the extended timeframe,” it said.

Zetrix AI was hit with the disclosure directive on Nov 6.

Aside from its financial position and dividend issues, Bursa Securities sought disclosures on the resignation of all independent directors and external auditors, issuance of its Employees’ Share Option Scheme, and financial and operational impact of the suspension of Zetrix and its unit as collection agent for the Road Transport Department (JPJ).

It also previously issued a separate directive for Zetrix AI to pay outstanding final dividend payments for the year ended Dec 31, 2025 (FY2025) by Nov 23.

The final dividend for FY2025 was postponed a number of times in September, with the company citing an interim injunction sought by an undisclosed former substantial shareholder. It was eventually paid in full, except to shareholders affected by the legal action.

Zetrix AI announced on Wednesday that the legal proceedings between an undisclosed former substantial shareholder and the company’s share registrar has been withdrawn.

This, it said, comes as the former substantial shareholder has initiated separate legal proceedings against his nominees.

“As the company is not a party to the said legal proceedings and does not wish to prejudice the interests of the company, the dividend payments to the affected shareholders will remain withheld pending the conclusion of the legal proceedings between the plaintiff and the affected shareholders, in order to avoid any potential prejudice arising therefrom,” Zetrix AI said.

Zetrix AI’s series of troubles this year began with a forced sell-down event prompted by margin calls in late August faced by its former single largest shareholder and managing director Wong Thean Soon, which eventually saw his stake in the company plummet to just 1.84% from nearly 30%.

His loss of the status as single largest shareholder triggered a breach of a covenant under the group's RM2 billion sukuk programme in October. On Nov 6, the company failed to meet its obligations for a tranche of its sukuk programme.

Amid all this, the company and its unit were also suspended as JPJ collection agents after they failed to remit RM314 million in revenue collected on behalf of the government, while the Inland Revenue Board also hit the unit with an additional RM353.13 million tax bill over transfer pricing matters for the years of assessment 2021 to 2023.

Shares of Zetrix AI ended half a sen or 8.33% lower at 5.5 sen on Wednesday, valuing the company at RM412.59 million.