Bursa criteria for substantial shareholder announcement
The Bursa Malaysia criteria for substantial shareholder announcement include notifying the Securities Commission (SC) within 7 days of acquiring 5% or more of the aggregate voting shares in a company. This notification is required to ensure transparency and compliance with the Securities Industry (Reporting of Substantial Shareholding) Regulations 1998. The SC may grant an extension of time for reporting if necessary.

8bil shares and stock price at 0.06. White knight will probably wait for it to enter PN17 and falls into restructuring (consolidate and then pp) and this is assuming the numbers reported all this while are legit - the over 600mil blockchain revenue from outside of Malaysia :)

With hindsight, our negative comments meant well so as to prevent GenZ & Millenials to punt and speculate in view of all the red flags risks. Stock forum is for the exchange of information and there should be no animosity between forumers. We can always agree to disagree.

TheEdge has done a good job highlighting the irregularities/questionable numbers. Yesterday's cover stories were really good. And there is one which is related to Eforce but could be relevant to Zetrix too - https://www.klsescreener.com/v2/news/view/1809827/cover-story-2-where-did-excel-force-s-rm26-6-mil-go

Covenant risk is the danger that a borrower will violate the legally binding rules, financial limits, or promises (known as covenants) set by lenders in a bond or loan agreement.

If a borrower breaks these rules, it triggers a technical default. This gives lenders the legal right to demand immediate repayment of the entire loan or bond, which can push the borrowing company into an unexpected liquidity crisis or bankruptcy.

I think what is more important is to get to the bottom of the numbers in the balance sheet instead of largest shareholder; in order for the company to survive. Its a bil ringgit company and pat over 800mil last year. This year would have reach 1 bil PAT given the mythical years of endless growth.

coins and zetrix wallet? ermm... over 600mil blockchain revenue outside of malaysia last year with no major customers. I assumed zetrix wallet must be very popular given the significant revenue? after all, 3.7bil dev assets have been spent to generate these revenue. Big big numbers.

The Company is required to remedy the covenant breach by 22 October 2026. Should the Company fail to remedy the breach of covenant by 22 October 2026, the consent and instructions or direction of the Sukukholders will be sought via an Extraordinary Resolution of Sukukholders. Once Sukuk defaults, it can trigger cross-defaults on all other Company borrowings.

gonna be tough, panorama. there's cash eq of over 500mil as of jun'26. dividend arrears and jpj arrears in Sep'26. either the 500mil is restricted or its gone by Sep. the boss owed ~70mil to CGS and there are other nominee brokers too. potentially owing a few hundred mil?

think about it. the current assets are twice the size of the current liabilities. By right insolvency incidence shall not happen even once especially they deal with a lot of cash business, unless these numbers are not real but just numbers....

yeah. if there are questions on the 3.7bil dev assets, all other cash and non-cash assets are questionable too. eg. total receivables is approx 900mil and this is huge. Total payables is approx 90mil for bil ringgit revenue company proves that Zetrix is a good paymaster.

Got to be kidding the Legendary Uncle Wong. Still got people discussing the figures. Tells Uncle the level of retail IQ and skills. These days got ChatGPT and AI, Uncle shudder to think how the non 0.01% (ie almost everyone) of the population will survive the age of AI.

Uncle said a long time ago, all that glitters is not gold.

And the value of nothing is zero.

If I were a Sukukholder, I will definitely push for the company to sell off its assets to repay the principal and interest at the Extraordinary Resolution of Sukukholders. That is when we will find out whether those assets are actually worth what they claim.

As cashflows position currently dire, facts and truth will be known very soon. The ugly QR3 ended 30 September 2026 will be rather shocking as full impairment impact has to be assessed fully with the assistance of the new Auditors to be appointed next week.

Someone will take it based on exorbitant fees (advance deposits) in view of the risks involved and ensure audit work properly documented and completed based on AOB compliance. Impairment exercise will need to be completed and assessment of assumptions and parameters by Management to be fully challenged with the assistance of specialist, where necessary.

现在大搞Ai 的企业也将面对同样的问题。

就算要講第一性原理，金融也有金融的第一性原理：公司的價值，等於未來的現金流折現；而借了大量的錢、債務又有到期日的公司，最怕的不是十年後沒有前景，而是明年還不出錢。歷史上鐵路、光纖網路都是改變世界的技術，可是當年拼命投資建設的公司，有好幾家撐不到技術開花結果的那一天。

所以這件事的重點很簡單。黃仁勳回答的是「AI 會不會成功」，市場問的是「CoreWeave 撐不撐得到 AI 成功的那一天」。這兩個問題答案不一樣，投資人要分清楚。AI 的長期趨勢我不懷疑，但看待高負債的 AI 基礎建設公司時，我會先看債市，再聽故事。

https://www.klsescreener.com/v2/news/view/1811085

3.7bil dev costs/assets which is neither software nor physical infrastructure. Its not even leasing of storage and compute power from hyperscaler. MARC has requested for the details but to no avail. - Development costs were mainly expenditures incurred for the development of Zetrix platform and applications, JPJ Test taking and license module, payment gateway and portal development. The amortisation charges are recognised in statements of profit or loss and other comprehensive income under the “Cost of sales” and “Other expenses” line items. Development costs with finite useful lives are amortised over a period of 2 to 5 years or over the expected level of usage. Certain development costs are not amortised as these assets are not available for use and are still under development as at the end of the financial year.

Major AI companies in the US spent a lof on capex building AI infrastructure and mostly on securing capacity of DC either through colo providers or building their own DC, peace. Hence, their non-current assets PPE or operating lease for ROU assets will be the biggest chunk :) I doubt you will be able to find real AI companies with development cost as the biggest chunk in their assets. Can share it for discussion if you come across one with very little PPE/ROU assets and big chunk on dev costs.

OpenAI’s total costs and expenses reached an estimated $34 billion in 2025

, which resulted in a massive net loss of $38.53 billion (after accounting for revenue and internal asset adjustments). This represents a staggering surge compared to 2024, when the company lost $5.09 billion on $3.7 billion in revenue.

OpenAI's projected computing and core development expenditures for 2026 are pinned at $50 billion

, serving as the single largest operational expense for the company. Internal financial forecasts project a net loss of $14 billion for the year, even as the company targets a massive annualized revenue run-rate of $70 billion by the end of 2026. [1, 2, 3]

DeepSeek has not published an official total operational or corporate development cost budget for 2026

. However, leaked details of its unprecedented capital expansion and individual model training costs reveal that the company is dramatically scaling its financial footprint.


The company is currently executing the largest private AI financing round in Chinese history, seeking up to 80 billion yuan (~$11.93 billion) in funding to directly fuel its frontier AGI research.

Spot on, peace. thats where depreciation comes in :) the chips or the servers will probably be depreciated in 5 years while building itself can be 10/15/20 years. The power/cooling can be repurposed for something else if it is their own DCs.

Cheng..I think the apps and ai training cost the most..... money non stop burning...

.....billions of dollars spent by US tech giants to train comparable frontier models.

Open AI 50b development cost just for building infrastructure??

Cheng..thanks for the information.

. Even at the optimistic end of those estimates, spending $50 billion on computing in a single year requires either massive debt financing, continued equity fundraising, or drawing down on the capital raised in its 2025 funding rounds totaling approximately $40 billion. 

OpenAI does not isolate a specific dollar amount solely for "AGI research," because

their entire corporate budget and infrastructure spending are dedicated to achieving AGI. Under their corporate charter, all research and infrastructure development are treated as stepping stones toward artificial general intelligence. [1, 2]

The Investor "AGI Clause"

Because AGI has a specific legal definition at OpenAI (software that is highly autonomous and outperforms humans at most economically valuable work), major cloud and hardware partners have begun building safety nets into their financing. For ex, Amazon's anchoring investment in OpenAI's subsequent funding round features an "AGI clause". If OpenAI commercially crosses the threshold of true AGI, the financial terms and distribution rights of the deal automatically reset.

first is not to assume development cost spending for AI companies in the US is the same with dev cost for Zetrix, peace. Its not the same. Zetrix's own definition for dev costs - Development costs were mainly expenditures incurred for the development of Zetrix platform and applications, JPJ Test taking and license module, payment gateway and portal development. The amortisation charges are recognised in statements of profit or loss and other comprehensive income under the “Cost of sales” and “Other expenses” line items. Development costs with finite useful lives are amortised over a period of 2 to 5 years or over the expected level of usage. Certain development costs are not amortised as these assets are not available for use and are still under development as at the end of the financial year. Second, within Zetrix balance sheet itself - questions arises on the significant rise of these 3.7bil spending with very little amortisation. Well, the assumption is that these are spent on blockchain since blockchain generated over 600mil revenue outside of Malaysia last year. Last year 2.8bil dev cost and by the same definition and assuming it is amortised by 5 years, it should be approx 560mil amortisation per year. Last year amortisation for dev cost was 24mil; the implied useful life for these dev assets is 116 years :) Or if I were to use 1.8bil as of Dec'24 and divided by 24mil, the implied useful life for these dev assets is 77 years :) The questions raised on these numbers are valid and people would like to know what are the assumptions used :)

Ooh ok ok. Then, it makes sense. Also, the concern from the market is valid for the big AI companies in the US bcos the dev spending are being expensed - the training, R&D portion, the leasing while the physical infra of chips and servers are being depreciated within 5 years probably. So, they have to make a lot of money to cover these spending or they will be loss making :)

Cheng..hope the company will provide the details soon...and you have written many times.

In Malaysian corporate news, the

RM3.7 billion development cost for Zetrix AI Bhd (formerly known as MyEG Services Bhd) refers to the company's cumulative capitalised development expenditure spent over approximately three years. [1, 2]

the company own jpj more than 300m in fews months...so thier revenue mostly is "real " and since 2008 thier dividend is real too.

yeah. if you are investing in the US and specifically AI companies in the US, you may want to pay attention to the outcome of the midterm elections in Nov :) Democrats and Republicans have opposing views on AI companies spending :) Democrats will slow down AI DCs from energy/environmental/matters that are impacting cost of living/consumers :)