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 shares plummeted to their lowest level in 13 years, reflecting an 93% decline since April. The once prominent e-government services provider, formerly known as My EG Services Bhd, now trades at just RM525 million, down from its peak of 89.5 sen in April. The plunge was triggered by the transport ministry revealing a staggering RM314 million debt owed to the road transport department (JPJ).
Transport minister Loke Siew Fook announced the suspension of Zetrix and its subsidiary MyEG as collection agents for road tax, driving licence renewals, and traffic summonses, effective immediately. The company's shares fell 43.5% or 5 sen to 6.5 sen a share, signalling investor concern over the financial and reputational implications of the arrears.
Wong Thean Soon, the founder and group managing director, has reduced his stake from an estimated 30% to 10.07%, highlighting the company's deteriorating situation.
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