Zetrix AI Given Until Oct 22 To Remedy Sukuk Breach Or Face Payment Default
KUALA LUMPUR, Oct 16 (Bernama) -- Zetrix AI Bhd has been given until Oct 22, 2026, to remedy a breach of covenant under its Sukuk Wakalah, failing which a payment default will be triggered.
In its reply to Bursa Malaysia’s query letter, the company said the total outstanding coupon due on future dates amounted to RM164.5 million, while the total outstanding principal due on future dates stood at RM2.0 billion.
In a filing to Bursa Malaysia today, the company noted that should the breach remain unresolved by Oct 22, 2026, it will seek the consent and instructions or directions of Sukukholders through an Extraordinary Resolution of Sukukholders, including seeking a waiver of the covenant.
A dissolution event may be triggered if the Sukukholders do not approve the waiver.
If a dissolution event occurs and continues, the Sukuk Trustee may declare that such an event has occurred and accelerate all accrued and unpaid sums payable under the Sukuk Wakalah up to the date of the declaration.
The trustee would also be entitled to enforce its rights under the transaction documents, with all outstanding amounts under the Sukuk Wakalah becoming immediately due and payable.
-- BERNAMA