SHAH ALAM - Zetrix AI Bhd independent non-executive director Wong Kok Chau has resigned on Monday, leaving the technology group’s audit committee with two members and no chairman.
Wong, 57, cited personal commitments in a filing with Bursa Malaysia.
The company said he had no disagreements with the board and that no matters arising from his resignation required shareholders’ attention.
He has also stepped down as audit committee chairman and risk committee member.
The audit committee now comprises two independent non-executive directors, Mohaini Mohd Yusof and Datuk Othman Semail. No replacement chairman has been named.
Under Bursa Malaysia’s Main Market Listing Requirements, an audit committee must have at least three members, all of whom must be non-executive directors, with a majority being independent. A company is generally required to fill any vacancy that causes non-compliance within three months.
Othman now chairs the risk committee, whose only other member is Datuk Mohd Jimmy Wong Abdullah, a non-independent non-executive director.
Zetrix AI said it would take the necessary steps to appoint a new independent non-executive director.
The resignation comes as Zetrix AI, formerly known as MyEG Services Bhd, faces financial and regulatory challenges. These include a potential covenant breach under its RM2 billion sukuk programme and the suspension of its Road Transport Department (JPJ) collection services over RM314 million in outstanding government collections.
On Friday (Oct 23), the group said a meeting with sukukholders had ended without a resolution on the potential breach. The issue arose after managing director Wong Thean Soon ceased to be the company’s single largest shareholder following forced share sales. Another sukukholders’ meeting will be arranged, although no date has been fixed.
The JPJ collection services have been suspended since Oct 5. The group later cancelled its proposed interim dividend of 0.25 sen per share to conserve working capital.
MARC Ratings has downgraded the rating on the group’s Islamic medium-term notes programme to BB+IS from AA-IS and maintained it on MARCWatch Negative. It cited deteriorating financial and liquidity conditions, heightened governance uncertainties and increased covenant compliance risks.
The resignation follows other changes at the top, including the redesignation of Datuk Dr Norraesah Mohamad from executive chairman to non-independent non-executive chairman.
Zetrix AI shares closed unchanged at 7.5 sen on Monday, valuing the group at about RM606 million.