year low, managing director TS Wong's stake shrinks
Zetrix AI Bhd shares hit a 12-year low following a margin call on managing director TS Wong. Wong has been forced to sell a portion of his stake to cover financial obligations.
Why it matters
The significant drop in share price and forced liquidation of a major shareholder's stake raises concerns about the company's financial stability and governance.
BURSA SGX Home Hot Stock Make The Edge Malaysia your preferred source on Google KUALA LUMPUR (Sept 2): Zetrix AI Bhd (KL: ZETRIX ) on Wednesday fell for the fourth straight day to its lowest in 12 years as managing director Wong Thean Soon’s shareholding shrank amid the selldown.
Shares of the digital services firm have been under heavy selling pressure as Wong grapples with fallout from a margin call. He is the single-largest shareholder of Zetrix AI with a nearly 30% stake, making any forced selling on his account leading to outsized impact on the stock.
Zetrix AI fell as much as 21%, or 5.5 sen, to 21 sen before paring some of its losses to close at 22 sen, a level last seen in August 2014.
The stock was the most actively traded counter on Bursa Malaysia, with more than 825 million shares changing hands.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in