Zetrix denies rumours of link to Saravanan case
The company, formerly known as MyEG Services Bhd, says speculation linking it to M Saravanan may have contributed to the sudden drop in its share price in early morning trading.
Publicly-traded Zetrix AI Group issued a statement denying any connection to the corruption case involving former human resources minister M Saravanan. In a filing with the stock exchange, the company acknowledged that unfounded rumors or speculation may have influenced its recent share trading activity. Zetrix closed today's trading at 29.5 sen, with a trading volume of 1.05 billion shares.
The stock had plummeted by 30 sen or 50.4% to 29.5 sen, erasing approximately RM2.4 billion from its market capitalization. Bursa Malaysia subsequently suspended short-selling for the remainder of the day. Zetrix, formerly known as MyEG Services Bhd, clarified in a nighttime statement that it has no involvement or association with Saravanan regarding the three charges of corruption brought against him.
The group insisted there was no basis for the rumors or speculation and had no knowledge of any correlation between the charges and the company's operations.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
