Zetrix AI faces Oct 22 deadline to resolve sukuk covenant breach
The company reported outstanding principal of RM2.0 billion and coupons of RM164.5 million, both due on future dates.
Zetrix AI Bhd must resolve a covenant breach involving its Sukuk Wakalah by Oct 22, 2026, or trigger a payment default, the company said in its response to a Bursa Malaysia query.
The company reported RM2.0 billion in outstanding principal payable on future dates. Outstanding coupons, also payable on future dates, amounted to RM164.5 million.
In a filing on Oct 16, Zetrix AI said that if the breach is not remedied by the deadline, it will seek Sukukholders’ consent and instructions or directions through an Extraordinary Resolution of Sukukholders. This would include a request to waive the covenant. Failure to obtain approval for the waiver may trigger a dissolution event.
Should a dissolution event occur and continue, the Sukuk Trustee may declare the event and accelerate accrued but unpaid sums payable up to that declaration date. The trustee would also have the right to enforce the transaction documents, making the full outstanding amount on the Sukuk Wakalah payable immediately.
