Zetrix Bhd: Is the Crash Over?

Zetrix AI is the company Malaysians still call MYEG. From RM0.75 in early August it fell to RM0.17within a month. Its founder’s Bursa filings show 200 million shares sold, starting ten days before the crash. Here is what the filings and the tape say.

How bad is the crash?

• 28 August was a limit down. RM0.595 to RM0.295, exactly 30 sen, the most Bursa allows in a day. RM2.4b gone by lunch.
• The company's reply changed nothing. It told Bursa it is “not implicated in any way” in the Saravanan case. The stock still opened at RM0.18 on 1 Sep.
• The volume was extreme. 1.05 billion shares on 28 Aug, 1.73 billion on 1 Sep. Normal is about 41 million a day.

Who was selling?

• The first sign came ten days early. On 11 and 17 Aug, 44m shareswere crossed “pursuant to a financing arrangement” at RM0.71. The stock gapped down 11% the next day.
• The margin call is on the record. TS Wong told analysts he needed time to resolve the forced sale, The Edge reported.
• He still holds 27.5%. More forced selling remains possible. MBSB had flagged higher gearing two days before the crash.

What is in the order book?

• There is no order book number. The base business is the e-government concession held since 2000: renewals, immigration, foreign worker processing.
• The growth is blockchain. 2Q profit rose 35% to RM269.3m, helped by sales of Zetrix nodes and tokens.
• The pipeline is mostly early stage. On 2 Sep it agreed to buy the other half of MYEG Ventures in the Philippines, paid partly in new shares. Deals like this are not cash.

Was MYEG really Bursa’s darling?

• 2018 was the first crash. After GE14, RM5b of market value vanished in a week. The stock fell from RM1.21 to 32.3 sen.
• It recovered then. That is history, not a forecast. The concessions survived. Whether token-driven profits earn the same trust is the open question.

Is the crash over?

Nobody can honestly say. These are the things worth watching.

• Any dayNew filings. Wong holds 27.5%. Each new disposal means the margin position is not settled.
• This monthA statement that the margin loan is settled. That is the clearest sign forced selling has ended.
• Next Lion dealThe price of the new shares issued for MYEG Ventures. New shares at crash prices dilute existing holders.
• NovemberThe next results. How much profit is token sales, and how much is concession cash.

Track it live on the Bursa heat list, or read this results season’s bank and conglomerate numbers.

Sources

Bursa filings (via KLSE Screener)

• 11 Aug: 8.0m shares crossed under a financing arrangement at RM0.71
• 17 Aug: 16m direct and 20m indirect shares crossed at RM0.71
• 1 Sep: the 27 and 28 Aug disposals (4.29m at 0.606, 52.35m at 0.480, 99.82m at 0.299)
• 28 Aug: reply to Bursa’s unusual market activity query
• 2 Sep: share purchase agreement with Next Lion Ltd (50% of MYEG Ventures)
• 3 Sep: trading halt, 9.00 to 10.00am

Reporting and data

• The Edge: Zetrix AI extends decline, TS Wong’s stake shrinks (3 Sep)
• The Edge: Zetrix AI plunges 50% in heavy trade
• FMT: Zetrix crash sees founder TS Wong’s stake shrinking (2 Sep)
• The Star: Zetrix AI hits limit down to 29.5 sen
• The Edge: losers and gainers of GE14 (the 2018 crash)
• BusinessToday: Zetrix AI 1H26 profit up 42.1% to RM539.8m
• KLSE Screener: ZETRIX quote page (52-week low RM0.170, market cap RM1.77b)
• Yahoo Finance: 0138.KL daily prices and volumes, 3 Jun to 2 Sep 2026