Zetrix AI secures extension from Bursa Securities, maintains dividend freeze

KUALA LUMPUR: Zetrix AI Bhd has received a further extension until November 13 to disclose material information about its financial state and corporate governance, according to Bursa Securities. The company assured that it will comply within the additional period.

Zetrix AI also confirmed the end of legal action it had against its share registrar and a major investor. The injunction and court permission, originally filed on September 14, was lifted after the shareholder started separate legal proceedings against his appointees.

Back in September 18, Zetrix AI disclosed that the share registrar had received a sealed injunction from the High Court of Kuala Lumpur to halt the cash dividend payments to certain accounts. The shareholder claimed these were beneficially owned shares, not to be paid in cash. The payment of the cash dividend, set for September 18, was postponed.

However, Zetrix AI stated that it won't release dividends to the affected shareholders. The board emphasized that the company is not involved in these disputes. The decision to keep the dividend freeze is to safeguard the company's interests until the new legal matters between the plaintiff and shareholders are resolved. Zetrix AI said it will announce further developments as needed.