KUALA LUMPUR (Nov 10): Zetrix AI Bhd (KL:ZETRIX) on Tuesday confirmed to Bursa Malaysia it still owes RM25 million in payments that was due last Friday for a tranche of its sukuk programme.
In its response to a Bursa Securities query, the company said it is taking steps to settle the nominal value and periodic distribution amounts of its Sukuk Wakalah Series No 6.
The Bursa Securities’ queries cited an article by The Edge on MARC Ratings’ downgrade of Zetrix AI’s RM2 billion sukuk programme to a default rating of D-IS after the tech firm failed to settle a RM25 million obligation due on Nov 6.
Among the queries, the bourse regulator requested that Zetrix AI state whether there was a default in payment and, if so, disclose the date and reasons for the default — as per Part H(A) of Appendix 9A of the Main Listing Requirements.
The company said the outstanding payments were less than 5% of its net assets, based on its latest audited financial statements.
According to its annual report, Zetrix AI had RM5.55 billion in assets, including RM2.85 billion in development costs and RM376.61 million in digital assets, as at end-December 2025, while total liabilities stood at RM1.83 billion.
Zetrix AI’s RM2 billion sukuk programme was established in 2022. Series No 6 comprises an issue size of RM25 million with a three-year tenure, and was issued on Nov 6, 2023, according to the company’s latest annual report.
The failure to pay the Nov 6 obligation comes as the sukuk programme is undergoing a dissolution event caused by a breach of a covenant that Zetrix AI managing director Wong Thean Soon remain the company’s single largest shareholder.
A forced sell-down event prompted by margin calls that began in late August saw Wong’s stake in the company plummet from nearly 30% to just 1.84%. Zetrix AI’s shares have also lost 90% of their value since then.
The breach remained unresolved after an Oct 23 meeting with sukukholders. The company said another sukukholder meeting would be called, but no date has been announced at time of writing.
Aside from the sukuk troubles, Zetrix has also been grappling with cash flow pressures and legal overhangs.
The company and its unit, MYEG Sdn Bhd, were suspended as Road Transport Department (JPJ) collection agents after failing to remit RM314 million collected on behalf of the agency. The Transport Ministry said it plans to sue the company to recover the monies.
MYEG has also been hit with an additional RM353.13 million tax bill from the Inland Revenue Board over transfer pricing matters for the years of assessment 2021 to 2023.