Zetrix AI Provides Clarification on MYEG Ventures Deal Collapse

MT Newswires09-10

Zetrix AI (KLSE:ZETRIX) terminated an earlier agreement to acquire a 50% stake in MYEG Venture due to volatility in its own share price, which undermined the commercial rationale of the proposed payment structure.

The digital government services company signed a new agreement with IPVG, which has a 9.4% stake in MYEG, for the same 50% stake, according to a Wednesday Bursa Malaysia filing.

Both agreements valued the stake in the Phillippine-based information technology company at 130 million ringgit.

Under the revived deal, 130 million ringgit will be settled through the issue of 101 million ringgit worth of new Zetrix shares issued at 0.0028 ringgit apiece and about 29 million ringgit in cash.

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