KUALA LUMPUR: Zetrix AI Bhd hit limit down in morning trade, plunging 30 sen or just over 50% of its value to 29.5 sen a share, according to The Star. The drop prompted Bursa Securities to suspend intraday short-selling (IDSS) of the stock for the rest of the trading day, with the suspension set to be lifted on the next trading day (Tuesday, Sept 1) at 8.30am.
As at 11.08am, the digital services firm registered 749 million shares changing hands, making it the top traded counter on Bursa Malaysia with about 13 times the volume of the next most-active share, The Star reported. The Edge Malaysia similarly noted that with more than 800 million shares exchanging hands, Zetrix AI was the most active counter on Friday.
There has been no official reason for the sudden breakdown in the share price, although investors had begun reducing their holdings since the previous day when the stock lost nearly 10% of its value under heavy selling pressure, The Star reported.
Managing director Wong Thean Soon told The Edge: “All remains good at Zetrix, there is no issue with the company as far as the management is concerned. As far as we are concerned there is no investigation on Zetrix and everything is in order at the company.”
Shares of Zetrix AI's associate HeiTech Padu Bhd were also caught up in Friday's selloff, plunging as much as 30% to an intraday low of 87.5 sen, according to The Edge Malaysia. Zetrix AI holds an indirect 16.9% stake in HeiTech Padu, which is the main contractor for the government's National Integrated Immigration System project. The two companies also have an agreement to collaborate on government technology projects, The Edge reported.
Wong holds a 0.97% direct and 16.9% indirect interest in HeiTech Padu, The Edge said. HeiTech Padu’s largest direct shareholder is Rosetta Partners Sdn Bhd, an investment vehicle linked to Sultan Muhammad V of Kelantan, with a 23.61% stake.
Zetrix AI, formerly known as MyEG Services Bhd, underwent a name change in July 2025 as it pivoted its business focus to advanced technologies like AI, blockchain and robotics, The Star reported. The company, via its MYEG platform, continues to offer services that include auto insurance and documentation as well as foreign worker and maid applications.
On Aug 24, Zetrix announced a 35% year-on-year increase in net profit to RM269.25mil in the second quarter, driven by contributions from its AI, Web3 and blockchain businesses, and declared an interim dividend of 0.25 sen, The Star reported.
According to a post-results analysis by BIMB Securities on Aug 26, Zetrix's growth prospects remained supported by the expansion in Malaysia-China trade, with trade with China rising 24.3% y-o-y to RM127.9bil in 7M26. "As its blockchain-related revenue scales with trade-linked transactions, continued growth in bilateral trade flows should drive higher platform utilisation and recurring revenue," it said. The research firm maintained its "buy" call on the stock with an unchanged target price of RM1.30.