Zetrix AI faces default risk over RM2b sukuk as deadline looms

Zetrix AI Bhd faces the risk of payment default and possible liquidation if it does not resolve issues with its Sukuk Wakalah terms by October 22. The company owes RM2.16 billion in outstanding coupon payments and principal. In response to a Bursa Malaysia inquiry, Zetrix disclosed that RM164.5 million in coupon payments are currently outstanding and due on future dates, while unpaid principal totals RM2 billion.

The company intends to seek the consent or directives of sukuk holders to waive the breaches if the matter remains unresolved by the deadline. Should the necessary waiver not be obtained, liquidation may ensue, with the sukuk trustee declaring all accrued and unpaid amounts due and payable immediately. Furthermore, the trustee would have the authority to enforce its rights under the transaction documents, potentially leading to the immediate repayment of all outstanding amounts.