Zetrix AI Bhd saw about RM6.3 billion erased from its market capitalisation since April, as its shares extended a steep sell-off on Friday following the government’s decision to suspend Road Transport Department (JPJ) services handled through the MYEG platform.
The counter closed at around 12 sen, down about 30% for the day, after trading as low as 11 sen. BusinessToday market data showed Zetrix AI as Bursa Malaysia’s most actively traded stock, ending at 11.5 sen versus Thursday’s 16.5 sen close.
From around 90 sen in April, the share price has consequently lost roughly 87% of its value. Based on approximately 8.08 billion issued shares, the fall from 90 sen to 12 sen translates into an estimated decline in market capitalisation of about RM6.3 billion, from roughly RM7.3 billion to below RM1 billion.
For comparison, Zetrix AI was trading at 86.5 sen on April 23, when its market capitalisation stood at about RM6.97 billion.
The latest selling followed JPJ’s announcement that the services of Zetrix AI and My E.G. Sdn Bhd as JPJ collection agents will be suspended from 12.01am on Oct 5. Both companies are part of the MYEG group.
The suspension came on the same day the Transport Ministry confirmed that more than RM200 million remains outstanding to the government involving money collected from customers for JPJ-related transactions. Reports said the collections involved vehicle road tax and driving licence renewals as well as traffic summonses under a three-year contract that began in May 2023.
The government’s latest action adds to a difficult period for the technology services group, whose shares have been under heavy pressure since August.
On Aug 28, Zetrix AI hit limit down after plunging more than 50% in a single session to 29.5 sen, with more than one billion shares traded.
The company’s managing director and major shareholder Wong Thean Soon has also reduced his shareholding during the period. Most recently, Wong disposed of 22.73 million shares at 16.2 sen each on Sept 30, reducing his combined direct and indirect stake to 10.602%. His stake had stood at 29.49% before a series of disposals beginning in late August.
Zetrix AI, formerly known as MyEG Services Bhd, built a substantial part of its business around electronic government services, including JPJ transactions, before expanding into blockchain and artificial intelligence-related businesses.
The Oct 5 suspension therefore represents another significant change to its longstanding e-government services business.
