Deciphering Zetrix’s a.k.a. MyEG limit down post company’s denial of link to Saravanan’s graft charge

 

CAN Friday’s (Aug 28) 50.4% or 30 sen limit down of Zetrix AI Bhd (previously My E.G. Services Bhd) to 29.5 sen be attributed to stock market irrationality given human emotions, crowd behaviour and short-term trends come into play rather than pure mathematical value?

This is especially so after the digital services outfit denied any link to former human resources minister Datuk Seri M. Saravanan who was charged at the Kuala Lumpur Sessions Court with three corruption counts relating to foreign worker quotas.

The MIC deputy president has apparently pleaded not guilty to the charges under the MACC Act 2009 for allegedly receiving RM1.097 mil in bribes concerning foreign worker hiring during the COVID-19 pandemic in 2022.

Granted a bail of RM450,000, the Tapah MP further denounced the allegations “wild and politically motivated” and maintained that he has nothing to be ashamed of.

In response to an unusual market activity (UMA) query from stock market regulator Bursa Malaysia Securities Bhd, Zetrix AI contended that it understood that “unfounded rumours or speculation linking the said charges to the company” could have triggered the dumping of its stocks.

However, Zetrix AI stressed that “there is no basis for such rumours or speculation and that it is unaware of any connection between the said charges and the business and affairs of the Zetrix AI Group”.

Editor’s Note: Nearly RM2.4 bil was wiped out from Zetrix AI’s market capitalisation on Friday (Aug 28). The counter dropped 30 sen (50.4%) to hit the lower limit-down threshold of 29.5 sen.

Over 1.05 billion shares traded, thus making making Zetrix  AI the day’s most active counter.  Its current market cap stands at RM2.38 bil.

Downslide at associate HeiTech Padu

In the quest to decipher Zetrix AI’s limit down finfluencer Najib Fazail (@najibfazail) contended on Threads that Saravanan’s case was inevitably linked to Zetrix AI as “it once provided digital services related to foreign workers when it was known as MYEG”.

“Interestingly, however, its Foreign Worker Permit Renewal Services contract had expired in July 2025,” recounted the financial enthusiast who focuses on the stock market.

“So the question is whether the quota that was said to be approved in Saravanan’s case has any connection with the system/portal used for the foreign worker process at that time?

For now, there has been no evidence whatsoever except the coincidental limit down timing with Saravanan being charged in court and ZETRIX having its own limit down history linked to government change (as in May 2018 following the Barisan Nasional collapse). 

Elsewhere, fellow finfluencer Haris Idham (@mrharisidham) observed that Zetrix AI encountered a somehow 29.5 sen “free fall from the prior day’s 59.5 sen within an hour”.

He went on to point out that there is a difference in the limit down/limit up mechanism between “shares above RM1” and “shares below RM1”.

“For shares above RM1, the daily price limit is ±30% of the reference price. For example, a stock closed yesterday at RM2, hence the  Limit Down = RM1.40 while its  Limit Up = RM2.60,” explained the equity dealer at CGS International Securities Malaysia.

“But if the stock is below RM1, the daily price limit is 30 sen as opposed to 30%. For example, a stock closed yesterday at 60 sen. Hence, its  Down Limit = 30 sen while its  Up Limit = 90 sen. Can you see the difference? ”

Coincidentally, however, all three counters said to be linked to Zetrix AI’s co-founder and managing director Wong Thean Soon were traded down on Friday.

Zetrix AI Bhd’s co-founder and managing director Wong Thean Soon

Shares of Zetrix AI’s associate HeiTech Padu Bhd  in which the former holds 16.9% stake managed to recover from its intraday low of 87.5 sen to earse 17 sen or 13.6% to RM1.08 with 2.16 million shares traded.

Agmo Holdings Bhd in which Wong was a substantial early investor and shareholder through his vehicle Asia Internet Holdings Sdn Bhd slide 4.5 sen or 13.04% to 30 sen with 3.42 million shares traded while Excel Force MSC Bhd plunged 7.5 sen or 34.45% with 22.32 million shares exchanged hands. 

- Focus Malaysia