Shares in Zetrix AI Bhd plunged 33.33% on Friday after a report said the company owes the Road Transport Department (JPJ) more than RM200 million in unremitted customer payments.
As of 3.08pm, Zetrix AI had fallen 5.5 sen to 11 sen, its lowest level for the session, after opening at 16.5 sen and reaching an intraday high of 17 sen. The stock had closed at 16.5 sen previously.
Trading volume stood at 653.67 million shares, with 372.61 million shares queued to buy at 10.5 sen and 206.79 million shares offered at 11 sen.
The sharp decline followed a report by Free Malaysia Today, citing a Transport Ministry spokesman, that Zetrix AI owes JPJ more than RM200 million.
The company, formerly known as MyEG Services Bhd, allegedly failed to remit funds collected from customers for vehicle road tax, driving licence renewals and traffic summonses.
The report said the outstanding amount relates to Zetrix AI’s three-year contract with JPJ that began in May 2023. Singapore’s Straits Times had earlier reported that the amount was “well over RM200 million” as of the end of September.
Zetrix AI was rebranded from MyEG in July 2025 as the company shifted its focus from e-government services towards technology infrastructure.
The company’s latest annual report showed other payables of RM95.5 million, while current liabilities stood at RM577.4 million and non-current liabilities totalled RM1.25 billion.
In February, the International Finance Corporation, the private sector arm of the World Bank Group, took a RM156 million stake in Zetrix AI to support its technology development.
External auditors have also previously flagged the company’s rising development costs, which had exceeded RM3.7 billion, according to the Straits Times report.
Zetrix AI shares have now fallen 5.5 sen or 33.33% from their previous adjusted close of 16.5 sen.
