KUALA LUMPUR (Oct 22): Zetrix AI Bhd (KL:ZETRIX) said no payment default has occurred under its RM2 billion sukuk, as the trustee is scheduled to meet sukuk holders on Friday (Oct 23) to discuss a proposed resolution to a breach involving managing director Wong Thean Soon’s shareholding.
Thursday (Oct 22) marks the deadline to resolve the breach, which requires Wong to remain the company’s largest shareholder. Zetrix AI had previously said it would seek a waiver or further instructions from sukuk holders if the breach was not rectified.
Without a waiver, a dissolution event could be triggered, allowing the trustee to demand immediate repayment of the outstanding sukuk amount.
According to Zetrix AI, its obligations comprise RM2 billion in principal and RM164.5 million in future coupon payments.
In a Bursa Malaysia filing on Thursday, the company said sukuk trustee Pacific Trustee Bhd would convene the meeting to discuss the proposed resolution with sukuk holders.
“The meeting aims to facilitate constructive discussions and gather feedback from the sukuk holders on the proposed resolution. This engagement will serve as a basis for formulating and formalising an appropriate arrangement that is mutually acceptable to the relevant parties,” it added.
Zetrix AI said it remained committed to meeting its sukuk repayment obligations in line with the agreed schedule and continued to take the necessary steps to fulfil its financial commitments.
The Edge Weekly reported that funds managed by AmanahRaya Investment Management (ARIM), a subsidiary of government-linked Amanah Raya Malaysia, hold a substantial amount of Zetrix AI’s RM2 billion Islamic debt.
ARIM confirmed that three funds collectively hold less than 30% of the bonds, implying exposure of more than RM500 million but less than RM600 million.
Other fixed-income funds also hold Zetrix AI bonds, though their individual exposure is generally below RM10 million.
The covenant breach of the RM2 billion sukuk arose after Wong ceased to be the company’s largest shareholder following forced share sales linked to margin calls on his share-backed financing facilities. The selldown reduced his stake to 1.841%, from nearly 30% in August.
Besides its RM2.16 billion sukuk obligations, Zetrix AI owes RM314 million in unremitted collections to the Road Transport Department (JPJ), resulting in the suspension of its and subsidiary MyEG Sdn Bhd’s roles as JPJ collection agents from Oct 5.
Transport Minister Anthony Loke Siew Fook said the companies would not be reinstated until the outstanding collections were settled. Any reinstatement would also come with additional conditions, including direct payments into the government’s account.
On Oct 19, Zetrix AI withdrew its planned FY2026 interim dividend of 0.25 sen per share to preserve working capital amid unexpected operational expenses, saving about RM20 million. The company had RM541.6 million in cash as at June 30, 2026.
Zetrix shares closed unchanged at five sen on Thursday, with nearly 100 million shares traded. Its market capitalisation has fallen by more than 90% since late August to RM394.9 million.