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New Straits Times
2 days ago
- Business
- New Straits Times
MARKET PULSE PM JULY 16, 2025 [WATCH]
KUALA LUMPUR: News on stock, crypto and ringgit moves. Bursa Malaysia ended lower, marking its third straight day of losses in line with Wall Street's downturn. All sector indices on the local bourse closed in the red, reflecting a cautious sentiment across the broader market despite recent domestic interest rate reductions. Technology firms NexG and Zetrix AI were among the most actively traded stocks on the market. The ringgit ended the day lower against the US dollar, closing at 4.2410. In the cryptocurrency market, prices continued their upward trend, with Bitcoin rising to around RM501,887, Ethereum climbing to approximately RM13,380, and Solana reaching about RM702. That wraps up today's Market Pulse.
New Straits Times
3 days ago
- Business
- New Straits Times
Zetrix AI to challenge Bursa reprimand over 'misleading' disclosures
KUALA LUMPUR: Zetrix AI Bhd, formerly MyEG Services Bhd, is taking legal action to challenge Bursa Malaysia Securities Bhd's public reprimand over alleged misleading statements and failure to comply with a regulatory directive. In a filing with Bursa Malaysia, the company said it intends to seek a judicial review of the exchange's decision after consulting its legal advisers. "The company and its board of directors, after consultation with the company's lawyers, will be seeking a judicial review on the public reprimand," it said, adding that further updates would be provided as necessary. The reprimand, issued yesterday, centres on announcements made by Zetrix AI in July and September 2023, which Bursa said were neither factual nor accurate, in breach of Paragraphs 9.35A(1)(a) and (b) of the Main Market Listing Requirements. Zetrix AI also allegedly failed to comply with a regulatory instruction under Paragraph 2.23(1) to clarify an earlier statement by Aug 16, 2023, despite a formal directive issued on Aug 15. The announcement in question stated that the Finance Ministry had approved the company's appointment as a government revenue collection agent and online service provider. However, Bursa found that the statement, issued on July 7, was inconsistent with a letter from the Home Affairs Ministry dated July 4. The regulator said that instead of issuing a correction, the company continued to maintain the same claims in follow-up announcements on Sept 13 and 14, even after questions were raised about its ongoing role in processing foreign worker permit renewals beyond the expiry of its concession in May 2023. In connection with the findings, Bursa imposed a RM150,000 fine on each of the seven directors involved, comprising RM100,000 for the inaccurate disclosures and RM50,000 for failing to comply with the clarification directive. Those penalised include group managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad, as well as Datuk Mohd Jimmy Wong Abdullah, Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. Bursa said the directors had failed in their fiduciary duties despite being aware of the inconsistencies, stressing that timely and truthful disclosure is fundamental to preserving market integrity and investor trust.
Free Malaysia Today
3 days ago
- Business
- Free Malaysia Today
Zetrix AI to file judicial review against Bursa over announcement breach penalty
Bursa Malaysia Securities Bhd fined Zetrix AI Bhd's seven directors RM150,000 each for failing to ensure that three company announcements in 2023 were factual and accurate. PETALING JAYA : Zetrix AI Bhd, formerly known as MyEG Services Bhd, will seek a judicial review against Bursa Malaysia Securities Bhd over a penalty imposed on its seven directors in relation to three company announcements made two years ago. In a bourse filing today, Zetrix AI said its board of directors consulted the firm's lawyers and decided to apply for a judicial review. 'Further announcements on any material developments will be made as and when it is appropriate and/or necessary,' the firm said. Yesterday, Bursa fined Zetrix AI's seven directors RM150,000 each for failing to ensure that three company announcements in 2023 were factual and accurate, breaching the main market listing requirements. The seven are Wong Thean Soon, Norraesah Mohamad, Jimmy Wong Abdullah, Wong Kok Chau, Mokhtar Shariff, Jeffrey Joakim, and Mohaini Yusof. Bursa said Zetrix AI announced on July 7, 2023, among others, that a notification letter dated July 4, 2023 from the home ministry confirmed the finance ministry's approval of the company's appointment as the government revenue collection agent and extended its role as the provider of online services for the immigration department. Bursa however said that the July 7 announcement was inaccurate, false and misleading as it was inconsistent with the contents of the July 4 letter. It said Zetrix AI and the directors also failed to make an immediate announcement to clarify the inconsistency, but maintained its misrepresentation of matters in the company's subsequent announcements on Sept 13 and Sept 14 that year. '(This occurred despite) market concerns as reported by New Straits Times on Sept 12, 2023 in an article titled 'MyEG illegally renewing workers' permits', and by The Edge titled 'MyEG said to be charging fees for foreign worker permits despite contract suspension'.' Bursa said there was no reasonable justification for the failure of the company and directors to ensure that the announcements were factual and accurate, and comply with the directive. It also said that the firm had represented, among others, that the announcements were accurate and justified based on the past contract renewals and historical precedent in relation to the extension. On June 30, the concessionaire for the Malaysia electronic-government MSC flagship application announced its name change to Zetrix AI, also changing its stock short name from MYEG to Zetrix.
New Straits Times
3 days ago
- Business
- New Straits Times
Zetrix AI to seek judicial review of Bursa reprimand
KUALA LUMPUR: Zetrix AI Bhd, formerly known as MYEG Services Bhd, said it will seek a judicial review of the public reprimand issued by Bursa Malaysia Securities Bhd after consulting with its lawyers. Zetrix AI said this in a filing with Bursa Malaysia today. Yesterday, Bursa Malaysia Securities publicly reprimanded Zetrix AI and imposed a fine of RM150,000 on each of its seven directors over misleading announcements and non-compliance with a regulatory directive. The reprimanded directors include the company's group managing director, Wong Thean Soon, executive chairman Datuk Dr Norraesah Mohamad and non-independent non-executive director Datuk Mohd Jimmy Wong Abdullah. Also reprimanded and fined were independent non-executive directors Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof. In a separate filing today, Zetrix AI said the trading of its securities was halted from 9am to 10am. Its share price closed at 98.5 sen yesterday. –BERNAMA
New Straits Times
4 days 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.
