The e-government services provider dismissed any connection to corruption charges brought against former human resources minister M. Saravanan on August 28, 2026.
Stock market volatility battered Zetrix AI Bhd at the opening bell as investors rushed to offload shares, driving the price down by 12.5 sen to 17 sen. Despite recovering ground later in the session to close at 26.5 sen—a decline of 3 sen or 10.2%—the company experienced trading volume.
Trading Volume and Market Capitalisation Loss
The counter became the most actively traded stock on Bursa Malaysia, with a massive 1.74 billion shares changing hands. That figure represents a more than 10-fold jump over the average daily trading volume for the firm.
The sharp sell-off follows a limit-down close on Friday when the stock tumbled 50.4% to 29.5 sen. In response to the crash, Bursa Malaysia suspended intraday short-selling of the stock. Over the course of just three trading days, shares of the company—formerly known as MyEG Services Bhd—dropped 55%, erasing approximately RM2.61 billion from its market value.
Company Denies Involvement in Graft Charges
Responding to an unusual market activity query from Bursa Malaysia, management denied any involvement or association with former Human Resources Minister Datuk Seri M. Saravanan. The company stated that it understands unfounded rumours or speculation
linking the corporate group to the legal proceedings contributed to the heavy selling.
Saravanan, 58, pleaded not guilty at the Kuala Lumpur sessions court to three charges of graft concerning the approval of foreign worker quotas for a local company in 2022.
Regulatory Compliance and Disclosure Obligations
The corporate group confirmed that apart from the spread of unverified rumours, it had no knowledge of any other possible explanation for the dramatic trading activity. Executives also confirmed that the firm fully complied with Bursa Malaysia Securities Bhd’s Main Market Listing Requirements, specifically adhering to Paragraph 9.03 regarding immediate disclosure obligations.
Corporate Structure and Major Shareholders
Founded in 2000 by group managing director Wong Thean Soon, the enterprise rebranded as Zetrix AI last July. The rebrand signaled a transition from an e-government services provider into a global technology infrastructure group.
Wong, 55, serves as the firm’s largest shareholder with a combined 29.25% stake. Additional major shareholders include CIMB Group Holdings Bhd and Retirement Fund (Inc) or KWAP.
