Zetrix AI Bhd has terminated its proposed RM130 million acquisition of a 50% stake in MYEG Ventures Inc. just three days after entering into the share purchase agreement, citing volatility in the price of its shares that were to be used as part of the consideration.
The group said it terminated the agreement with Next Lion Limited on Sept 4 following a review of the commercial rationale for the proposed acquisition.
“The Company, had on 4 September 2026, terminated the Agreement following a review of the commercial rationale due to the share price volatility for the Consideration Shares,” it said.
Neither Zetrix AI nor Next Lion will incur any break fees or penalties as a result of the termination, and both parties have been released from further performance of their respective obligations under the agreement.
Zetrix AI had entered into the share purchase agreement with Next Lion on Sept 1 to acquire 15.25 million ordinary shares in MYEG Ventures, representing a 50% equity interest, for RM130 million.
The purchase consideration was to be satisfied through a combination of cash and the issuance of up to 360.57 million new Zetrix AI shares.
Under the original agreement, the issue price of the consideration shares was to be determined based on the five-day volume-weighted average market price of Zetrix AI shares immediately preceding their issuance.
The remaining portion of the RM130 million consideration, after deducting the value of the shares issued to Next Lion, would have been paid in cash using Zetrix AI’s internally generated funds.
The subsequent volatility in Zetrix AI’s share price prompted the company to reassess the commercial rationale of proceeding with the transaction under that structure.
Zetrix AI said terminating the transaction will have no material impact on its paid-up share capital, substantial shareholders’ shareholdings, earnings per share, consolidated net assets per share or gearing.
