KUALA LUMPUR: Shares in Zetrix AI Bhd fell in active trade in early trade Monday after trading resumed following a one-hour halt, as investors reacted to the termination of its proposed RM130mil acquisition of a 50% stake in MYEG Ventures Inc.
The counter fell 1.5 sen, or 5.88%, to 24 sen, with 99.51 million shares changing hands. It had opened at 25.5 sen and traded between 24 sen and 26.5 sen.
Trading in Zetrix AI securities was halted from 9am on Monday before resuming at 10am.
Zetrix AI announced last Friday that it had terminated its proposed acquisition of a 50% stake in MYEG Ventures from Next Lion Ltd, just three days after signing the share purchase agreement.
The company said the decision followed a review of the commercial rationale for the acquisition amid volatility in the price of Zetrix AI shares, which were to form part of the purchase consideration.
Under the deal announced on Sept 1, Zetrix AI was to acquire 15.25 million MYEG Ventures shares for RM130mil.
Zetrix AI said neither party would incur break fees or penalties following the termination and both had been released from their obligations under the agreement.
Separately, Zetrix AI substantial shareholder, Wong Thean Soon, ceased to be a substantial shareholder of Heitech Padu Bhd
following the disposal of 27.5 million shares by MY E.G. Capital Sdn Bhd via a direct business transaction on Sept 2.
Wong had a deemed interest in the shares through his substantial interest in Zetrix AI, which is the holding company of MY E.G. Capital.
