Zetrix AI falls to 13-year low following RM314 million arrears disclosure
Services cannot be considered for resumption before the arrears are paid, with further conditions to follow, Transport Minister Anthony Loke Siew Fook said.
Shares in Zetrix AI Bhd reached a 13-year low on Oct 5 following a disclosure by the Ministry of Transport that some RM314 million was owed to the government by the digital services company.
The decline reached more than 40%, or five sen, taking the counter to 6.5 sen — a price last recorded in April 2013. At 3.30pm, it stood at seven sen, valuing Zetrix AI at RM553 million. Trading volume exceeded one billion shares.
Transport Minister Anthony Loke Siew Fook said clearance of the arrears was a prerequisite for considering whether services could resume. Full payment would still be followed by additional conditions, including directing payments straight to the government account.
At a press conference, Loke said the contract did not provide for compensation should the government decide to terminate it.
Selling also hit Cuscapi Bhd and Excel Force MSC Bhd, both of which count Zetrix AI managing director Wong Thean Soon as a shareholder. Cuscapi's price slipped to 4.5 sen, down half a sen or 10%. Excel Force fell to 16.5 sen, losing 4.5 sen or 21%.
