Zetrix crash sees founder TS Wong’s stake shrinking
Zetrix founder Wong Thean Soon has been paring down his stake during the recent selloff.
Zetrix AI Bhd's share price has plummeted by 67% in just four trading days, reducing its market capitalisation by RM3.46 billion. This sharp decline has significantly impacted co-founder and group managing director Wong Thean Soon, who held nearly 30% of the company's shares. To manage the fallout from a margin call, Wong sold shares at a loss, disposing of 99.8 million shares at 29.9 sen per share, totaling RM29.8 million.
He also sold 4.29 million shares at 60.6 sen and 52.3 million shares at 48 sen through his private investment vehicle. Despite these disposals, Wong still owns the largest stake in Zetrix, amounting to 27.5% of the company, or approximately RM487 million based on the current share price. The stock's tumultuous performance led Bursa Malaysia to suspend intraday short-selling and issue a market activity query.
The company, initially named MyEG Services Bhd, was founded by Wong in 2000 and rebranded as Zetrix AI in July 2025, specializing in e-government services.
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.
