Zetrix AI flags potential sukuk covenant breach, faces Oct 22 deadline
Forced selling reduced Wong Thean Soon’s stake from nearly 30% to less than 2%, the company said.
Zetrix AI Bhd has disclosed a potential covenant breach involving its RM2 billion sukuk programme, with an Oct 22 deadline to remedy the matter. The digital services firm said in an exchange filing that it was discussing the matter with the sukuk trustee.
The covenant requires the managing director to hold the largest individual shareholding in the company. According to Zetrix AI, forced selling began towards the end of August, reducing Wong Thean Soon’s stake from nearly 30% to less than 2% and creating the potential breach.
Should the matter remain unresolved by Oct 22, the company said it would seek sukukholders’ consent and instructions or direction through an extraordinary resolution.
