Zetrix AI Bhd surged 38.46% in late morning trading on Tuesday as the stock rebounded sharply from the previous session’s close of 6.5 sen amid ongoing uncertainty over its suspended Road Transport Department (JPJ) services.
As at 11.32am, the Main Market-listed technology stock had risen 2.5 sen to nine sen, after opening at seven sen. It touched an intraday high of 9.5 sen and a low of 6.5 sen, with 583.48 million shares changing hands.
The sharp rebound comes after Zetrix AI said on Monday it had submitted a proposal to the government to address RM314 million in outstanding remittances linked to JPJ collections and was working towards restoring the affected services, subject to government approval.
The JPJ services provided through My E.G. Sdn Bhd and Zetrix AI channels were suspended from Oct 5 after the Transport Ministry disclosed that the RM314 million collected between May 19 and Sept 30 had not been transferred to the government’s main collection account.
Zetrix AI has not disclosed details of its proposed settlement arrangement or indicated when it could resolve the outstanding amount.
MBSB Research has placed its recommendation and target price on the company under review, saying the suspension has created significant uncertainty over earnings, operating continuity and its financial position.
The research house noted that Zetrix AI had RM541.6 million in cash and cash equivalents against RM853.1 million in short-term loans and borrowings as at its second-quarter FY2026 results, raising concerns over its ability to settle the RM314 million obligation in the near term.
Separately, MARC Ratings revised Zetrix AI’s MARCWatch status to Negative from Developing, citing concerns over transparency and governance as well as outstanding information needed to assess its credit profile.
The stock had fallen sharply before Tuesday’s rebound, with the previous day’s six sen to 91 sen 52-week range leaving it near its recent lows.
