<div class=newsTextDataWrapInner><p>KUALA LUMPUR (Oct 22): Zetrix AI Bhd (KL:<a href="/askedge/klse/0138" class="ce-stock" target="_blank">ZETRIX</a>) faces a deadline on Thursday to resolve a covenant breach that could trigger a payment default on its RM2 billion sukuk.</p></div>

<div class=newsTextDataWrapInner><p>The breach arose after managing director Wong Thean Soon ceased to be the largest shareholder following forced share sales, the company said in an Oct 16 reply to queries from Bursa Malaysia.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>His combined direct and indirect stake fell from nearly 30% to 1.895% as at Oct 15.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>Under Zetrix's RM2 billion sukuk wakalah programme, he is required to remain the largest shareholder.</p></div>

<div class=newsTextDataWrapInner><p>If the breach is not resolved by Thursday, Zetrix said it will seek sukuk holders' approval to waive the covenant or ask for further instructions on how to proceed.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>Without a waiver, a dissolution event could be triggered, allowing the sukuk trustee to demand immediate repayment of all outstanding amounts.&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>These comprise RM2 billion in principal and RM164.5 million in future coupon payments.</p></div>

<div class=newsTextDataWrapInner><p><em>Read also:<br />
<a href="https://theedgemalaysia.com/node/822746" target="_blank">TS Wong's Zetrix AI stake down to 1.841% ahead of Oct 22 deadline to fix sukuk covenant &nbsp;</a><br />
<a href="https://theedgemalaysia.com/node/822232" target="_blank">Zetrix AI rescinds dividend plan to conserve cash</a></em></p></div>


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