Zetrix AI shares fall after trading halt, aborted RM130mil acquisition
Zetrix AI shares dropped following the company's decision to terminate a proposed RM130 million acquisition of a stake in MYEG Ventures. The company cited market volatility and commercial rationale for the sudden cancellation of the deal.
Why it matters
The aborted acquisition highlights the impact of market volatility on corporate expansion strategies and investor confidence in the tech sector.
KUALA LUMPUR: Shares in Zetrix AI Bhd fell in active trade in early trade Monday after trading resumed following a one-hour halt, as investors reacted to the termination of its proposed RM130mil acquisition of a 50% stake in MYEG Ventures Inc.
The counter fell 1.5 sen, or 5.88%, to 24 sen, with 99.51 million shares changing hands. It had opened at 25.5 sen and traded between 24 sen and 26.5 sen.
Trading in Zetrix AI securities was halted from 9am on Monday before resuming at 10am.
Zetrix AI announced last Friday that it had terminated its proposed acquisition of a 50% stake in MYEG Ventures from Next Lion Ltd, just three days after signing the share purchase agreement.
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