Zetrix AI managing director cuts shareholding to 1.85%
The latest disposal comes ahead of an Oct 22 deadline to address a sukuk covenant breach requiring Wong Thean Soon to remain the largest shareholder.
Zetrix AI Bhd managing director Wong Thean Soon (TS Wong) has reduced his shareholding to 1.85% after Asia Internet Holdings Sdn Bhd, his investment vehicle, sold 3.13 million shares for RM156,500 on Oct 19.
A bourse filing on Oct 20 showed that the transaction covered a 0.04% stake at five sen per share, matching the Oct 19 closing price. Wong now holds 102.7 million shares indirectly, representing 1.3%, alongside a direct holding of 43.18 million shares, equivalent to 0.55%.
Zetrix AI faces an Oct 22 deadline to resolve a covenant breach involving the requirement that Wong remain its largest shareholder. If it cannot do so, the group will ask sukuk holders to approve a waiver. Without approval, early repayment could be triggered, with RM2 billion in principal and future coupons of RM164.5 million creating a potential liability of RM2.16 billion.
Margin calls linked to Wong’s share-backed financing have reduced his holding from nearly 30% to below 2% since late August. Wong previously told The Edge Malaysia that the sales were involuntary.
Separately, Zetrix AI announced on Oct 19 that it was withdrawing a planned dividend of 0.25 sen per share, its first interim single-tier payout for the financial year ending Dec 31, 2026. The company said unexpected operational expenses meant it needed to retain working capital. Payment had been scheduled for Nov 20.
Zetrix shares ended Oct 20 at 5.5 sen, up half a sen or 10%, valuing the company at RM407.3 million.
