Zetrix AI plans fresh sukukholders’ meeting after talks end without agreement
The covenant breach concerns RM2 billion in sukuk, with a waiver needed to avoid a possible demand for immediate repayment.
Zetrix AI Bhd will convene another meeting of sukukholders after discussions on Oct 23 ended without agreement over a covenant breach affecting its RM2 billion sukuk. The company told Bursa Malaysia that no date had been fixed for the next meeting.
The deadline to remedy the breach was Oct 22. Zetrix AI had previously said it would request a waiver or further directions from sukukholders if the matter remained unresolved. Without a waiver, a dissolution event could arise, permitting the trustee to seek immediate repayment.
The covenant issue followed forced sales of shares held by managing director Wong Thean Soon after margin calls on his share-backed financing. Wong ceased to be the company’s largest shareholder, with his stake dropping to 1.841% from nearly 30% in August.
The breach had not resulted in a payment default at that stage. Obligations under the sukuk include principal of RM2 billion and future coupon payments amounting to RM164.5 million.
Zetrix AI also faces cash flow pressure linked to RM314 million in outstanding collections owed to the Road Transport Department (JPJ). The unpaid amount prompted the suspension of collection-agent roles for the company and its subsidiary MyEG Sdn Bhd from Oct 5.
Transport Minister Anthony Loke Siew Fook said reinstatement would require settlement of the amount owed and additional conditions, including payments directly into the government’s account.
On Oct 19, Zetrix AI withdrew its first interim dividend for FY2026, amounting to 0.25 sen per share, to retain working capital amid unexpected operating expenses. The cancellation is expected to preserve about RM20 million. Its cash balance stood at RM541.6 million on June 30, 2026.
