Zetrix AI share options are now on the table. The group has offered 788.83 million options to eligible staff at an exercise price of 5.4 sen. The timing matters, because ZETRIX is dealing with cash pressure and a sukuk covenant breach at the same time.
What Are the Zetrix AI Share Options Worth to Eligible Staff?
Eligible directors and employees of the company and its non-dormant subsidiaries can take up the offer. The 5.4 sen exercise price compares with a closing share price of 7.5 sen on the offer date.
Four directors share a combined 57.5 million options, or about 7.3% of the total offer.
- Wong Thean Soon (managing director): 27.5 million options
- Datuk Dr Norraesah Mohamad: 10 million options
- Datuk Mohd Jimmy Wong Abdullah: 10 million options
- Wong Kok Chau: 10 million options
How Much Dilution Could ZETRIX Shareholders Face?
Full exercise through new shares could raise about RM42.6 million for Zetrix AI. Against the existing 7.897 billion shares, the new shares would represent about 9.1% of the enlarged share capital.
That 9.1% is the dilution existing shareholders would absorb. The announcement did not specify the performance targets or business objectives behind the offer.
This is the first share option offer since the scheme was approved in August 2020 and implemented in December that year. The scheme allows options covering up to 10% of issued shares and expires on Dec 23, 2030.
Why Did Zetrix AI Withdraw Its First Interim Dividend?
On Oct 19, the group withdrew its planned first interim dividend of 0.25 sen per share for the financial year ending June 2026. The move is expected to save about RM20 million. Dividend investors can read our Dividend Investing Guide for background on how dividend cuts affect income.
Zetrix AI had RM541.6 million in cash as at June 30, 2026. The group is seeking to conserve cash amid unexpected operating expenses.
What Is the RM314 Million JPJ Problem?
The group has RM314 million in unremitted collections owed to the Road Transport Department (JPJ). That led to the suspension of Zetrix AI and its subsidiary MyEG Sdn Bhd as JPJ collection agents from Oct 5.
Transport Minister Anthony Loke Siew Fook said the companies would not be reinstated until the outstanding collections are settled. Any reinstatement would also carry extra conditions, including direct payments into the government’s account.
What Does the Sukuk Covenant Breach Mean for Zetrix AI?
Forced share sales triggered by margin calls on Wong’s share-backed financing cut his stake to 1.841%, from nearly 30% in August. That cost him his position as the group’s largest shareholder.
The group had until Oct 22 to rectify the breach, which had not triggered a payment default at the time. A sukukholders’ meeting the day after the deadline failed to reach a resolution, and another meeting is to be scheduled.
- Principal obligations: RM2 billion
- Future coupon payments: RM164.5 million
- Without a waiver, a dissolution event could let the trustee demand immediate repayment of the outstanding sukuk
Where Does ZETRIX Stand After Its 50% Share Price Jump?
ZETRIX shares rose 50%, or 2.5 sen, to close at 7.5 sen on Friday. That gives the company a market capitalisation of RM605.9 million.
The next sukukholders’ meeting and any JPJ reinstatement decision are both worth monitoring, as neither has a date in the announcement.
Key Takeaways
- 788.83 million Zetrix AI share options were offered at 5.4 sen, a 28% discount to the 7.5 sen Friday close.
- Full exercise could raise RM42.6 million but dilute existing shareholders by about 9.1%.
- The dividend withdrawal saves about RM20 million, with cash at RM541.6 million as at June 30, 2026.
- The group carries RM314 million in JPJ arrears and a sukuk covenant breach over RM2 billion in principal.
📊 On AI Stock Terminal: ZETRIX quarterly results · ZETRIX announcements
Disclaimer: This article is for information only and is not investment advice. Do your own research, read the Bursa Malaysia filing and check the latest sukuk and JPJ updates before making any decision.
Frequently Asked Questions
How many Zetrix AI share options were offered and at what price?
Zetrix AI offered 788.83 million employee share options at an exercise price of 5.4 sen. That is a 28% discount to the 7.5 sen closing price on the offer date.
Is Zetrix AI in default on its sukuk?
No payment default had been triggered at the time of the announcement. The group is dealing with a covenant breach after Wong’s stake fell to 1.841%, and without a waiver the trustee could demand repayment of the RM2 billion principal.
How much could Zetrix AI raise from the share options?
If all the options are exercised through new shares, Zetrix AI could raise about RM42.6 million. The new shares would represent about 9.1% of the enlarged share capital.
Why did Zetrix AI withdraw its dividend?
Zetrix AI withdrew its planned first interim dividend of 0.25 sen per share for the financial year ending June 2026 on Oct 19. The move is expected to save about RM20 million.
Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.
Related Articles & Resources
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.
Want to invest in Bursa Malaysia or US markets? Contact Dexter Chia, an AI Driven Remisier who has 2,200+ clients at Malacca Securities Sdn Bhd (M+ Global). M+ Global Invitation Code: UBZQ | WhatsApp: +60169059789 | Why Choose Dexter?
