Latest news with #Zetrix
New Straits Times
21 hours ago
- Business
- New Straits Times
Bursa reprimands Zetrix, slaps RM1.05mil fines on seven directors
KUALA LUMPUR: Bursa Malaysia has publicly reprimanded Zetrix AI Bhd, formerly MY E.G. Services Bhd, and imposed RM1.05 million fines on seven of its directors for breaching the main market listing requirements. Bursa said Zetrix had committed multiple breaches, including failing to ensure that its announcements were factual, accurate, not false and misleading as well as failing to make an immediate announcement to clarify the announcement. The fines were imposed against its group managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad and director Datuk Mohd Jimmy Wong Abdullah. The exchange also fined four of its independent non-executive directors namely Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. "The findings of breach and imposition of the penalties on the company and the directors were made pursuant to paragraph 16.19 of the main listing upon completion of due process and after taking into consideration all facts and circumstances of the matter," said the exchange. Bursa said it views the contraventions seriously as timely, full and accurate disclosure of material information to enable investors to make informed decision is of paramount importance. This is to ensure an orderly and fair market for securities traded on the exchange and maintaining market integrity and investor confidence. Further, it said it is mandatory for listed companies and its directors to comply with the directive issued by it. Bursa reminded Zetrix and its board of directors of their responsibility to maintain the appropriate standards of corporate responsibility and accountability to its shareholders and the investing public.
BusinessToday
a day ago
- Business
- BusinessToday
Bursa Opens Cautiously Amid Global Trade Jitters, Tariff Tensions Weigh on Sentiment
Bursa Malaysia opened the week on a subdued note as persistent concerns over rising global trade tensions continued to weigh on investor confidence, with the benchmark FBM KLCI easing 0.78 points to 1,535.29 at 9.03am. The broader market was mixed, with the FBM 70 inching up 6.14 points to 16,767.49, while indices such as the F4GBM, FBMEMAS and FBMSHA all dipped slightly by 0.03%. Declines across the board reflected caution among investors bracing for the impact of the latest round of US tariff threats and inflation concerns. US President Donald Trump's recent announcement of 30% tariffs on imports from the European Union and Mexico, set to take effect 1 August, has injected fresh volatility into global markets. Investors are now closely watching for any retaliatory measures and the potential fallout on supply chains, especially for trade-reliant economies like Malaysia. Locally, trading was led by high-volume counters such as Zetrix, which slipped 0.005 sen to RM0.995 on 19.9 million shares traded. Meanwhile, A1AKK added 0.005 sen to RM0.250, Ecoshop gained 0.010 sen to RM1.280, and Jiankun rose 0.005 sen to RM0.030. With uncertainties surrounding global tariffs, investors are expected to tread cautiously, especially ahead of key economic data from China and US inflation prints due this week. Analysts warn that continued trade disruptions could weigh on Malaysia's export outlook and dampen risk appetite in the short term. Related
New Straits Times
a day ago
- Business
- New Straits Times
Zetrix AI widens Asean footprint to reduce political and revenue risk
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is ramping up expansion across Southeast Asia to reduce reliance on government contracts, said managing director TS Wong. He said the shift is also aimed at shielding the company from political risk, a move that signals how Malaysian tech firms are adapting to volatile policy environments. "We're very aware of the importance of revenue diversification," Wong told Business Times in an exclusive email interview. "Beyond our government-related services in Malaysia, we've expanded into international markets and private-sector solutions, particularly through Zetrix." Zetrix, the company's blockchain-powered platform, has already become the group's largest revenue contributor. For the first quarter ended March 31, 2025, the group's revenue jumped 28.8 per cent year-on-year to RM299.99 million, while net profit rose 16.2 per cent to RM181.57 million. This was largely driven by contributions from Web3 application service fees on the Zetrix blockchain including ZTrade, ZCert and Digital ID registration and transactions, as well as from the sale of Zetrix tokens. Zetrix tokens are utility tokens used to power core services on the Zetrix blockchain, such as verifying trade documents and digital identity. According to its latest financial report, without a RM15.76 million impairment loss related to its investment in HeiTech Padu Bhd, Zetrix AI's operating profit would have been higher. Zetrix supports critical applications such as digital credential verification and real-time verification of trade documents, solutions increasingly adopted by private businesses and foreign government agencies. Wong said the company is now targeting cross-border trade and digital identity services in the Philippines and Singapore, with expansion plans in Indonesia. The platform is already integrated with China's General Administration of Customs (GACC) and has been adopted by the Philippines Bureau of Customs and its technology partner, Cargo Data Exchange Center Inc. Reducing concentration risk Zetrix AI's strategy focuses on embedding Zetrix into regional trade and regulatory infrastructure. This is key to reducing the company's historical reliance on Malaysian e-government contracts, which has long been a concern among investors, Wong said. Its emphasis on government-to-government (G2G) projects is a key part of this diversification. Unlike traditional contracts tied to a single administration, Wong said these multilateral projects are "inherently more stable" and less exposed to domestic political shifts. An example is the company's partnership with East Logistic Link Co, a unit under GACC, to develop a blockchain-based National Single Window for Asean countries. The project enables paperless cross-border trade documentation and identity verification for businesses and regulators alike. "These are real-world applications used by enterprises and government agencies, and they generate consistent, utility-based revenue," Wong added. Setback, not derailment Despite the impairment charge on its investment in HeiTech Padu, linked to a mark-to-market revaluation of listed shares, Zetrix AI has reaffirmed its commitment to the partnership. The impairment was "not a reflection of any issues within the collaboration itself," Wong said, citing the company's ongoing work with HeiTech Padu and Huawei Malaysia to develop artificial intelligence (AI)-enabled smart government services. He added the financial setback has not derailed the company's broader Asean ambitions. Through the Asean China AI Lab, a flagship Malaysia-China G2G initiative, Zetrix AI is now developing advanced AI and robotics applications tailored to regional needs. Strategic edge through localisation The company is banking on Chinese-built technologies for Asean markets, including robotic automation to reduce reliance on foreign labour in Malaysia's manufacturing sector. Wong said this localisation strategy, combined with its early move into blockchain-backed services, supports Zetrix AI's regional push in digital infrastructure. "We are enabling next-generation services such as Agentic AI, cross-border identity verification and trade automation with Zetrix," he added. "These innovations are already being deployed and are designed to be replicated across borders." The company's focus now is on scaling further in high-growth Asean markets, where digital transformation remains a top government priority.
New Straits Times
6 days ago
- Business
- New Straits Times
Zetrix upsizes sukuk issuance to RM2bil from RM1bil
KUALA LUMPUR: Zetrix AI Bhd, formerly known as MyEG Services Bhd, has increased the size of its sukuk Wakalah programme to RM2 billion in nominal value, doubling the original RM1 billion. In a filing with Bursa Malaysia, Zetrix said the sukuk will primarily support the continued growth of its blockchain and artificial intelligence initiatives. Zetrix said the lodgement with the Securities Commission (SC) for the upsizing was made on July 8. The company said the programme carries a perpetual tenure and allows for multiple issuances, provided the total outstanding nominal value does not exceed RM2 billion at any given time. The sukuk has been rated AA-is with a stable outlook by MARC Ratings Bhd. Zetrix said the programme also offers flexibility to issue sukuk aligned with Ggeen, social, sustainability and sustainable and responsible investment frameworks established by the SC, the Asean Capital Markets Forum and the International Capital Market Association. CIMB Investment Bank Bhd and HSBC Amanah Malaysia Bhd are the joint principal advisers, joint lead arrangers and joint sustainability structuring agents for the programme. CIMB Islamic Bank Bhd and HSBC Amanah Malaysia Bhd serve as joint Shariah advisers.
BusinessToday
08-07-2025
- Business
- BusinessToday
Bursa Dips at Opening Bell As Caution Grips Market
Bursa Malaysia opened sharply lower on Tuesday, with broad-based declines seen across all key indices, tracking weaker regional sentiment and cautious investor mood. At 9.11am, the benchmark FBM KLCI fell 10.85 points or 0.71% to 1,526.69, after touching a high of 1,530.27 earlier in the session. Broader market performance was equally subdued, with the FBM 70 sliding 162.07 points to 16,461.38 (-0.97%), the FBM EMAS down 0.75%, and the Shariah index declining 0.89%. Among the most active stocks, Nexg slipped half a sen to 41.5 sen on a high volume of over 1.2 million shares, followed by Zetrix, down 2 sen to 93 sen. Kim Hin led gainers in early trade, adding 8 sen to 84 sen, while Supermax jumped 5.5 sen to 64.5 sen. Inari, however, dropped 8 sen to RM1.97. Investors are expected to stay cautious as global trade tensions and upcoming economic data continue to influence sentiment. Related
