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, formerly MyEG Services Bhd, has experienced a sharp decline in its share price, causing its co-founder and group managing director, Wong Thean Soon, to reduce his substantial stake in the company. Since Thursday, the stock has dropped by 67%, resulting in a loss of approximately RM3.46 billion from its market capitalization.
Currently valued at RM1.77 billion, the company is the most traded stock on Bursa Malaysia, with 825 million shares changing hands. This is a significant decrease from the 1.74 billion shares traded yesterday and the 1.05 billion shares traded on Friday. Wong, who owns nearly 30% of the company, has faced challenges following a margin call.
He disposed of 99.8 million shares, or 1.5%, for RM29.8 million last Friday, and additional blocks of shares through his private investment vehicle, Asia Internet Holdings Sdn Bhd, totaling RM27.7 million. Despite these disposals, Wong still holds a 27.5% stake in Zetrix, worth about RM487 million at the current price.
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.
