Zetrix AI sukukholders to meet over shareholding covenant issue
The company said it had not defaulted on payments after forced share sales left its managing director no longer its largest shareholder.
Holders of Zetrix AI Bhd’s sukuk will meet on Oct 23 to consider a proposed resolution concerning a shareholding covenant breach, the company said in a Bursa Malaysia filing. It said no payment default had occurred.
The issue concerns a condition attached to the company’s RM2 billion sukuk Wakalah requiring managing director Wong Thean Soon to retain the largest shareholding, whether held directly or indirectly. Forced sales of his shares by banks left him no longer meeting that condition.
Zetrix AI disclosed the potential breach in an Oct 16 filing. It said Wong’s combined direct and indirect stake had dropped to 1.895 per cent as of Oct 15 following the bank sales.
Pacific Trustee Bhd, the sukuk trustee, will convene the meeting. Zetrix AI said discussions and feedback from holders would help it develop and formalise an arrangement acceptable to the parties concerned.
The company said it remained committed to making sukuk repayments according to the agreed timetable and was taking steps to support its financial obligations. It will also continue discussions with the trustee to address the issue.
