Battered Zetrix plummets to 13-year low
The stock plunged 43.5% to 6.5 sen a share, a level last touched in April 2013.
Zetrix AI Bhd's shares plummeted to a 13-year low after the transport ministry disclosed it owed the road transport department RM314 million. The stock's value fell 93%, reducing the company's market capitalisation by RM6.6 billion, to just RM525 million. The transport minister suspended Zetrix and its subsidiary MyEG as collection agents due to the unpaid amount.
The selling pressure may be due to concerns about the financial and reputational impact of the arrears, which were higher than previously reported. Founder and managing director Wong Thean Soon reduced his stake in the company following the resignation of its external auditor.
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.
Also reported by 1 other outlet
- Battered Zetrix plummets to 13-year low freemalaysiatoday.com
