Ex-Malaysia Digital Star That Built PM’s Avatar Is Mired in Debt
Malaysia's Zetrix AI Bhd., once a digital infrastructure star, has lost over 90% of its market value and risks defaulting on its Islamic bonds after its Nasdaq listing plans fell through.
Earlier this year, the company was positioning itself for growth with plans to list its artificial intelligence unit on the prestigious Nasdaq exchange. Zetrix AI had even developed an AI avatar of Malaysia's Prime Minister Anwar Ibrahim, showcasing its technological capabilities.
However, the company's fortunes have dramatically reversed. Its market value has plummeted by more than 90%, and it now finds itself overwhelmed by debt with significant concerns about its ability to meet obligations on its Islamic bonds.
The rapid decline from a promising digital infrastructure player to a company on the brink of default highlights the volatile nature of tech investments and the challenges facing AI companies in securing sustainable funding.
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