Zetrix AI stock gains 13.33 per cent amid speculative buying
The rebound came despite unsuccessful talks with sukukholders over a covenant breach involving RM2 billion in sukuk.
Speculative demand lifted Zetrix AI Bhd’s closing share price to 8.5 sen, a rise of 13.33 per cent after a prolonged sell-off. Margin calls that triggered forced sales, together with MARC Ratings’ downgrade to junk status, had previously erased more than 90 per cent of the company’s market value.
The technology company has yet to resolve a covenant breach concerning its RM2 billion sukuk. Urgent negotiations with sukukholders ended without a waiver.
An observer described the price recovery as mainly technical, attributing it to speculative traders buying heavily sold shares. The observer also pointed to the board’s offer of 788.83 million employee share options with immediate vesting. The exercise price was 5.4 sen, a discount of 28 per cent against the stock’s baseline value, encouraging speculative turnover.
Zetrix AI also recently lost its primary collection role for the Road Transport Department through a suspension concerning government revenue of RM314 million that remained unremitted. It subsequently scrapped forthcoming dividends to retain cash for operations.
