Zetrix AI Bhd shares surged 14.81% to 31 sen as at 3.01pm today, extending gains after the group announced its RM130 million acquisition of a 50% stake in MYEG Ventures Inc.
The stock opened at 27.5 sen, its day low, before climbing to an intraday high of 33.5 sen. Some 1.02 billion shares changed hands, making Zetrix AI one of the most actively traded counters on Bursa Malaysia.
The latest rally comes after Zetrix AI signed a share purchase agreement with IPVG Employees Inc to acquire 15.25 million shares in MYEG Ventures, which represents a 50% stake.
Upon completion, Zetrix AI’s effective interest in MYEG Philippines Inc will rise to 74.5%, comprising its existing 49% direct stake and a further 25.5% indirect interest through MYEG Ventures. MYEG Philippines will subsequently become a subsidiary of Zetrix AI.
The RM130 million consideration will be settled through RM100.96 million worth of new Zetrix AI shares issued at 28 sen each and RM29.04 million in cash from internally generated funds.
The latest share price also comes after substantial shareholder Wong Thean Soon disposed of 277.03 million Zetrix AI shares over Sept 3 and Sept 4.
Following the disposals, Wong retains a combined direct and indirect interest of about 1.36 billion shares, equivalent to approximately 17.3% of Zetrix AI.
