Zetrix AI diberi masa hingga 22 Okt perbetul potensi langgar syarat Sukuk Wakalah

Zetrix AI has been given until October 22 to rectify a breach of its Sukuk Wakalah agreement, failing which payment may be denied. In response to a query from Bursa Malaysia, the company clarified that the amount of bonds due on upcoming dates totals RM164.5 million, while the principal amount due on future dates totals RM2.0 billion.

Zetrix AI informed Bursa Malaysia today, stating that if the breach remains unresolved by October 22, it will seek approval and guidance from Sukuk holders through an Extraordinary Resolution of Sukuk holders, including obtaining an exemption from covenant compliance. If Sukuk holders do not approve the exemption, it could lead to dissolution.

If dissolution and continuation occur, Sukuk bondholders can declare that such an event has taken place and accelerate payment of all accrued and unpaid amounts under the Sukuk Wakalah by the declaration date. Bondholders also have the right to enforce their rights under the transaction documents, with all outstanding amounts under the Sukuk Wakalah requiring immediate payment.