Wong pares Zetrix AI holding to 8.245% with RM3.52 million disposal
Bursa Malaysia filings also recorded the end of Wong Thean Soon’s substantial shareholder status at Excel Force MSC Bhd.
A further disposal by Zetrix AI Bhd managing director Wong Thean Soon involved 46.88 million shares on Oct 8, Bursa Malaysia filings showed. Priced at 7.5 sen apiece and worth about RM3.52 million, the transaction left him with an 8.245% interest.
Of that holding, 386.83 million shares, representing 4.898%, are owned directly. Another 264.31 million shares, equivalent to 3.347%, are held indirectly through Asia Internet Holdings Sdn Bhd. Since the disposals began in late August, his combined shareholding has dropped 72%, moving from 2.33 billion shares to 651.14 million shares.
The sharp ownership reduction, driven largely by margin calls, prompted MARC Ratings to put Zetrix AI’s rating on MARCWatch Developing. Wong has less headroom under a bond covenant that requires him to retain the largest shareholding in the group.
Wong described the disposals as forced rather than voluntary when speaking to The Edge Weekly. He said he may pursue legal action, alleging possible collusion and manipulation affecting the share price.
Another filing recorded that Wong was no longer a substantial shareholder in Excel Force MSC Bhd following a sale involving 24.05 million shares on Oct 5. He had also lost that status at Cuscapi Bhd in September after selling about 103.6 million shares.
At the close on Oct 9, Zetrix AI traded at 8.5 sen, gaining one sen or 13.33%, with its market value at RM686.7 million. Excel Force finished flat at 15 sen, giving it a valuation of RM91.5 million.
