Zetrix AI hits 10 sen as report raises JPJ payment issue

Shares in Zetrix AI Bhd reached a low of 10 sen on Oct 2, following a Straits Times report alleging that the company owed more than RM200 million to the Road Transport Department (JPJ) from collections made for the agency.

The stock opened at 16.5 sen before recording a decline of as much as 6.5 sen or 35%. Turnover of more than 896.15 million shares placed it first among Bursa Malaysia’s most actively traded counters.

According to the Straits Times, the money involved road tax, driving licence renewals and traffic summonses collected since May 2023, when Zetrix AI began a three-year contract to process JPJ’s online transactions. The Edge had received no response from the company to its request for comment.

An earlier sharp fall occurred on Aug 28, with the shares dropping to 29.5 sen, a loss of 50% against the previous closing price. Bloomberg data showed market capitalisation at RM810 million on Oct 2, representing a decline of more than 80% since the selloff. The stock’s year-to-date decline exceeded 86%.

Managing director Wong Thean Soon’s stake had decreased to 10.6% from over 30% at August’s end. Separately, Zetrix AI announced the resignation of external auditor TGS TW PLT, giving resource management and portfolio rationalisation as the reasons. The company said it would name another auditor in due course.

Its latest annual report listed other payables of RM95.5 million. Current liabilities totalled RM577.4 million and non-current liabilities amounted to RM1.25 billion, with loans and borrowings comprising most obligations.

For 2QFY2026, which ended June 30, 2026, Zetrix AI reported RM269.3 million in net profit. Earnings for the first half totalled RM540.58 million.