Shares in Zetrix AI Bhd slipped 1.85% or half a sen to 26.5 sen as of 10:52 am on Thursday, as investors continued to digest the company’s defence of the RM130 million valuation for its proposed acquisition of a 50% stake in MYEG Ventures Inc.
The stock had last traded at 26.5 sen, down from its previous close of 27 sen, according to Bursa Malaysia data.
The movement comes after Zetrix responded to a Bursa Malaysia Securities query over the proposed transaction with IPVG Employees Inc, announced on Sept 4.
Bursa had questioned the valuation after noting that MYEG Philippines Inc, in which MYEG Ventures holds an interest, recorded average profit after tax of around PHP21.61 million, equivalent to about RM1.4 million, for the three financial years ended 2023 to 2025. Its net assets stood at around RM20 million at end-2025.
Zetrix said the RM130 million consideration was primarily determined using a discounted cash flow valuation, taking into account projected earnings, growth prospects, existing and potential projects and opportunities to deploy its blockchain and artificial intelligence platforms in the Philippines.
The company also pointed to MYEG Philippines’ involvement in projects including the Zetrix Layer-1 public blockchain platform, which is intended to support public blockchain infrastructure in the Philippines.
Zetrix said no part of the consideration would be paid until the relevant conditions precedent are fulfilled, including registration of the 50% MYEG Ventures interest in its name.
Upon completion, the acquisition is expected to give Zetrix a controlling interest in MYEG Philippines, potentially allowing the company to consolidate it as a subsidiary subject to meeting MFRS 10 requirements.
