Zetrix AI stages 13.3pct rebound
KUALA LUMPUR: Zetrix AI Bhd shares rebounded 13.33 per cent to close at 8.5 sen amid speculative buying today, following months of heavy selling.
Zetrix AI shares experienced a 13.33% rebound, closing at 8.5 sen today, following a period of significant selling. However, the company remains highly volatile due to recent emergency talks with sukuk holders failing to secure a waiver for a covenant breach involving its RM2 billion sukuk. Forced selling from margin calls and a downgrade to junk status by MARC Ratings had already wiped out over 90% of the company's market value.
The 13.33% bounce appears to be primarily driven by speculative traders seeking to capitalize on the heavily beaten-down stock. Investor sentiment is still processing the impact of a major corporate announcement, where the board offered 788.83 million immediate-vesting employee share options at a 28% discount to the stock's baseline value.
This has generated high speculative trading volumes. Despite the recovery, Zetrix AI faces structural headwinds, including being suspended from its Road Transport Department collection role due to unremitted government revenues amounting to RM314 million. This suspension has forced the company to cancel its planned dividend payouts to preserve operational cash.
Written by urgent.news from New Straits Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
