Zetrix AI Ends Foreign Worker Permit Renewal Services
In a significant shift for Zetrix AI Bhd, formerly known as MY E.G. Services Bhd, the company has confirmed the termination of its foreign worker permit renewal services. This development was announced in a filing with Bursa Malaysia, marking the end of a contract that had been extended in 2023. The company’s decision not to renew the contract has redirected its focus away from this government service.
The termination of the foreign worker permit renewal services comes as the Home Ministry opted not to extend Zetrix AI’s one-plus-one-year arrangement. Instead, a six-year contract was awarded to Bestinet Sdn Bhd, signaling a strategic shift in the government’s approach to managing foreign worker permits.
Despite this change, Zetrix AI has clarified that it is exploring new collaborations. The company is reportedly working with HTPADU, a technology firm, to provide related services under the National Immigration Integration System (NIIS) project. This initiative aims to integrate the border control systems of various agencies under the Ministry of Home Affairs, indicating Zetrix AI’s continued involvement in technology-driven government projects.
Financially, Zetrix AI’s recent performance reflects broader market trends. As of July 27, 2025, the company’s close price stood at MYR 0.835, with a 52-week high of MYR 1.15 and a low of MYR 0.68. The price-to-earnings ratio is currently 9.60107, suggesting a moderate valuation in the context of its market segment.
The company’s transition away from foreign worker permit renewals may present both challenges and opportunities. While the loss of a government contract could impact short-term revenue, Zetrix AI’s pivot towards technology partnerships and integration projects may open new avenues for growth. Investors and stakeholders will be closely watching how the company leverages its expertise in management consulting, auditing, taxation, and legal advisory services to navigate this change.
As the market reacts to these developments, Zetrix AI’s strategic decisions will be crucial in determining its future trajectory. The company’s ability to adapt and innovate in response to shifting market demands will be key to maintaining its competitive edge in the professional services sector.