Zetrix AI Bhd has entered into a share purchase agreement with IPVG Employees Inc to acquire a 50% stake in MYEG Ventures Inc for RM130 million, this will raise its interest in MYEG Philippines Inc to 74.5% and turn the Philippine company into a subsidiary.
This comes after the group said it had terminated the deal to acquire last week. The group said it signed the agreement on Sept 4, 2026 to acquire 15.25 million ordinary shares in MYEG Ventures, representing half of its issued shares.
MYEG Ventures is a Philippines-incorporated information technology service provider and currently holds a 51% stake in MYEG Philippines, which is an associate company of Zetrix AI.
Ahead of the transaction, IPVG has agreed to acquire a further 40.6% stake in MYEG Ventures from other shareholders, after which it will sell a total 50% interest in MYEG Ventures to Zetrix AI.
Upon completion, Zetrix AI’s effective interest in MYEG Philippines will increase to 74.5%, comprising its existing 49% direct stake and an additional 25.5% indirect interest through MYEG Ventures.
As a result, MYEG Philippines will become a subsidiary and its financial statements will be consolidated into Zetrix AI’s group accounts.
The RM130 million purchase consideration will be settled through a combination of cash and new Zetrix AI shares.
The company will issue 360.57 million new shares at 28 sen apiece, valuing the share portion of the consideration at approximately RM100.96 million.
The 28 sen issue price represents a 4.1% discount to Zetrix AI’s five-day volume-weighted average market price of 29.21 sen up to and including Sept 3, the last trading day before the issue price was fixed.
The remaining RM29.04 million will be paid in cash using internally generated funds.
Zetrix AI said the RM130 million consideration was determined based on an internal valuation of MYEG Ventures and the equity interest being acquired.
Zetrix share price rose 5.8% on the back of the announcement.
