Zetrix plunges 42% despite denying link to Saravanan
The tech company’s shares continued tumbling today despite dismissing any connection with the ex-minister’s corruption case.
Shares of Zetrix AI Bhd experienced a sharp decline of 42%, or 12.5 sen, to close at 17 sen on the first day of trading. Despite the significant drop, wiping RM2.61 billion off its market capitalisation of RM2.14 billion, the company denied any link between itself and former human resources minister M Saravanan's corruption case.
The stock, which saw a surge in trading volume, more than ten times the average daily volume, fell 55% over the last three trading sessions, leading to Bursa Malaysia suspending intraday short-selling of the stock. Saravanan, 58, denied the charges at Kuala Lumpur Sessions Court, where he pleaded not guilty to three graft charges related to approval of foreign worker quotas for a local company in 2022.
The company clarified that any speculation linking it to Saravanan's case was unfounded and expressed its disbelief in any connection between the charges and its business and affairs. Zetrix AI, founded in 2000 by CEO Wong Thean Soon, transformed its focus from e-government services to a global technology infrastructure group and is currently the most actively traded stock on the Bursa Malaysia exchange.
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- Zetrix plunges 42% despite denying link to Saravanan freemalaysiatoday.com
