Zetrix AI Bhd co-founder and largest individual shareholder Wong Thean Soon, widely known as TS Wong, has reduced his shareholding in the company to 13.14% following a series of substantial share disposals amid heightened market volatility.
According to filings with Bursa Malaysia, Wong’s remaining interest as of Wednesday comprises a direct stake of 7.58%, equivalent to 596.87 million shares, and an indirect stake of 5.56%, representing 438.17 million shares.
The latest transactions mark a significant reduction from his previous combined shareholding of 29.49%, which consisted of a 15.19% direct interest and a 14.30% indirect interest.
Wong and his investment vehicle, Asia Internet Holdings Sdn Bhd, collectively disposed of approximately 1.245 billion Zetrix AI shares, representing a 16.35% stake, for a total consideration of RM321.34 million over several trading days.
Based on regulatory filings, Wong personally sold 64.99 million shares between 7 and 8 September 2026 at prices ranging from 26.1 sen to 30.5 sen per share, generating approximately RM18.87 million.
During the same period, Asia Internet Holdings disposed of 262.58 million shares at prices ranging between 27 sen and 29.9 sen each, with the transactions valued at approximately RM74.49 million.
The substantial reduction in Wong’s shareholding comes as Zetrix AI faces significant selling pressure in the stock market, with margin call liquidations contributing to a sharp decline in its share price and overall market valuation.
Zetrix AI Loses Over RM3.4 Billion in Market Value
Zetrix AI has experienced a steep decline in its market capitalisation, with approximately RM3.467 billion in market value erased between 26 August and 2 September 2026.
The company’s share price fell from 66 sen on 26 August, when its market capitalisation stood at RM5.199 billion, to a 12-year low of 22 sen on 2 September.
This represented a decline of 66.69%, reducing the company’s market valuation to approximately RM1.732 billion.
The sharp sell-off was driven by heavy selling pressure associated with margin call liquidations, which can occur when investors holding shares purchased through margin financing are required to provide additional collateral or sell their holdings following a decline in share prices.
Such forced selling can intensify downward pressure on a stock, particularly during periods of heightened market uncertainty.
Despite some price movements following the decline, Zetrix AI shares remained under pressure.
The stock closed at 27 sen on Wednesday, falling 3.5 sen, or 11.48%, during the trading session. At that closing price, the company’s market capitalisation stood at approximately RM2.175 billion.
The substantial fluctuations in Zetrix AI’s share price have drawn attention to the company’s ownership changes and ongoing corporate developments.
Zetrix AI Revises Philippine Joint Venture Acquisition
Amid the share price volatility, Zetrix AI also announced changes to a proposed acquisition involving its business interests in the Philippines.
On 2 September 2026, the company initially announced plans to increase its effective ownership in a Philippine joint venture.
However, the proposed transaction was subsequently called off on Friday, with Zetrix AI citing movements in its share price as the reason for the cancellation.
The company later revived the acquisition plan on Monday, introducing a revised transaction structure involving a different seller.
Under the revised agreement, Zetrix AI intends to acquire the remaining 50% equity interest in MyEG Ventures Inc from IPVG Employees Inc, replacing Next Lion Ltd as the seller identified in the original proposal.
The transaction is valued at RM130 million and will be settled through a combination of shares and cash.
Upon completion, the acquisition will increase Zetrix AI’s effective ownership in MYEG Philippines Inc from 51% to 74.5%.
The proposed transaction represents an effort by Zetrix AI to strengthen its ownership position in its Philippine operations despite the recent volatility affecting its share price.
Market Focus Remains on Shareholding Changes and Corporate Developments
The reduction in Wong’s shareholding, together with the substantial decline in Zetrix AI’s market capitalisation, highlights a period of significant market pressure for the company.
Investors are likely to monitor further regulatory disclosures, changes in major shareholdings and developments surrounding the proposed Philippine acquisition.
While the revised transaction could strengthen Zetrix AI’s ownership in MYEG Philippines Inc, its completion remains subject to the applicable transaction terms and conditions.
The company’s recent share price movements and ownership changes remain key developments as Zetrix AI navigates a period of heightened market volatility.
