Zetrix AI Berhad is proposing to acquire 15.25 million shares in MYEG Ventures Inc. for RM130 million, a move that will turn MYEG Philippines Inc. into a subsidiary as it looks to expand in Philippine.
The group that saw its share price drop close to 60% in the past few week, entered into a share purchase agreement with British Virgin Islands-incorporated investment holding company Next Lion Limited on Sept 1, 2026.
The RM130 million purchase consideration will be satisfied through a combination of cash and the issuance of up to 360.57 million new Zetrix AI shares, with the issue price of the consideration shares to be determined later.
MYEG Ventures is incorporated in the Philippines and principally provides information technology services. It owns a 60% stake in MYEG Philippines, which is currently an associate company of Zetrix AI.
Upon completion of the acquisition, MYEG Philippines will become a subsidiary of Zetrix AI, giving the Malaysian technology group greater control over the business as it seeks to expand its blockchain and artificial intelligence offerings in the country.
The company also highlighted the potential arising from a memorandum of understanding involving MYEG Philippines, My Blockchain Infrastructure Sdn Bhd and the Philippines’ Department of Information and Communications Technology (DICT).
The collaboration seeks, among other objectives, to implement and operationalise the Philippines’ public blockchain infrastructure based on the Zetrix protocol with DICT.
Zetrix AI said bringing MYEG Philippines under majority ownership would also allow it to capture greater strategic value from the business, while rising transaction volumes could contribute positively to the group’s future earnings.
The acquisition is subject to several conditions before completion.
Among others, Next Lion must deliver the relevant share certificates, a duly executed and notarised deed of absolute sale and an irrevocable proxy in favour of Zetrix AI. It must also provide MYEG Ventures’ latest audited financial statements and management accounts.
Zetrix AI said the proposed acquisition forms part of its strategic blueprint to establish a stronger presence in the Philippines, broaden its operations and customer base, and create a platform for longer-term regional expansion.
The transaction would also mark a shift in Zetrix AI’s relationship with MYEG Philippines from an associate-level interest to subsidiary ownership, potentially giving the group greater influence over the deployment and commercialisation of its blockchain and AI services in the Philippine market.
The stock is currently suspended this morning while last traded at 0.26.
