Battered Zetrix plummets to 13-year low

 The stock plunged 43.5% to 6.5 sen a share, a level last touched in April 2013.

Zetrix AI shares have crashed 93% since April this year, wiping RM6.6 billion off its market capitalisation. (File pic)

PETALING JAYA:

Things got from bad to worse for Zetrix AI Bhd when its shares sank to its lowest in 13 years after the transport ministry revealed it owed the road transport department (JPJ) a whopping RM314 million.

The stock plunged 43.5% or 5 sen to 6.5 sen a share, a level last touched in April 2013, valuing the e-government services provider formerly known as My EG Services Bhd at just RM525 million.

It was once again the most traded stock on Bursa Malaysia, with 1.37 billion shares changing hands.

Since hitting its highest price this year at 89.5 sen on April 21, the stock has crashed 93%, wiping approximately RM6.6 billion off its market capitalisation.

Since the April high, the shares have been steadily trending downwards. The stock started tumbling off the cliff on Aug 28, when it fell 50% to 29.5 sen from the previous day’s close of 59.5 sen.

Transport minister Loke Siew Fook said today that Zetrix failed to remit collections amounting to RM314 million between May and September this year.

The failure to remit the outstanding amount also prompted the ministry to suspend Zetrix and its subsidiary MyEG as collection agents for road tax and driving licence renewal fees, and traffic summonses, effective today.

Loke said the resumption of Zetrix’ services will not be considered until the arrears are settled.

The selling pressure today may be an indication that investors are not only concerned about the fallout from Zetrix’s suspension but also the financial and reputational implications of the RM314 million arrears.

This figure is significantly higher than RM200 million that Zetrix AI purported owed the JPJ, according to various news reports last Friday.

The company also announced early last week the resignation of its external auditor, TGS TW PLT, citing “portfolio rationalisation and resource management”.

Zetrix’s crash since late August has resulted in founder and group managing director Wong Thean Soon, better known as TS Wong, slashing his once substantial stake in the company.

Based on its exchange filing today, Wong holds a 10.07% stake, comprising a 6.06% direct interest and a 4.01% indirect interest via Asia Internet Holdings Sdn Bhd. This represents a sharp drop from his estimated 30% stake at the end of August.

The company was founded by Wong, 55, in 2000 and rebranded as Zetrix AI in July 2025. - FMT