KUALA LUMPUR: Zetrix AI Bhd announced that it has been granted an extension by Bursa Securities for an extension of time until Nov 13, to disclose material information regarding its financial condition and corporate governance .
The company affirmed it will take the necessary steps to ensure compliance within this extended timeframe.
In a separate development, Zetrix AI confirmed the official withdrawal of legal proceedings involving its share registrar and a former substantial shareholder.
The withdrawal of the ad-interim injunction and consent judgment comes as the former substantial shareholder initiates new, separate legal proceedings against his nominees.
On Sept 18, Zetrix AI announced that its share registrar had received sealed ad-interim injunction granted by the High Court of Kuala Lumpur dated Sept 14 filed by a substantial shareholder to prevent the payment of the cash dividend to certain central depository system accounts for which the substantial shareholder has claimed to be the beneficial owner.
It was alleged that the nominees had failed to follow the shareholder’s instructions to receive the final single-tier dividend of 2.89 sen per share for FY2025 in shares, under its dividend reinvestment plan, instead of cash.
Accordingly, the payment of the cash dividends, which was initially fixed for Sept 18, was delayed.
Despite the withdrawal of the initial suit, Zetrix AI confirmed that dividend payments to the affected shareholders will remain withheld. The board emphasized that the company is not a party to these legal disputes.
The decision to maintain the dividend freeze is intended to protect the company’s interests and avoid any potential prejudice pending the conclusion of the new legal proceedings between the plaintiff and the affected shareholders, said Zetrix AI
The company stated it will issue further announcements on any material developments regarding both the directive and the legal proceedings as necessary.