Zetrix AI, directors seek judicial review of Bursa reprimand

KUALA LUMPUR: Zetrix AI Bhd, formerly known as MYEG Services Bhd, and its board of directors will be seeking a judicial review of the stock exchange's public reprimand for breaches to the company's listing requirements, it said in a stock exchange filing today.

The Main Market-listed company and seven of its directors were yesterday publicly reprimanded by Bursa Malaysia for its failure to ensure several of its announcements were factual, accurate, and not false or misleading.

The company was also found to have breached a directive by failing to comply with Bursa Malaysia Securities’ instruction dated Aug 15, 2023, to issue an immediate clarification on an earlier announcement made on July 7, 2023. 

The clarification was due by Aug 16, 2023.

Seven directors – managing director Wong Thean Soon, executive chairman Datuk Norraesah Mohamad, and directors Datuk Mohd Jimmy Wong Abdullah, Wong Kok Chau, Datuk Seri Mohd Mokhtar Mohd Shariff, Datuk Mohd Jeffrey Joakim and Mohaini Mohd Yusof – were each fined RM150,000.

"Further announcements on any material development will be made as and when it is appropriate and/or necessary," said the company in its filing.

Trading in the securities of Zetrix AI has been halted from 9am to 10am today in light of the announcement. The stock was last traded at 98.5 sen a share yesterday.