Sukuk dissolution event does not require immediate full repayment, says Zetrix AI
KUALA LUMPUR: Zetrix AI acknowledges that a dissolution event had been triggered under its Sukuk Wakalah Programme following a breach of a covenant requiring Wong Thean Soon to remain its single largest shareholder.
KUALA LUMPUR: Zetrix AI has clarified that the dissolution event in its Sukuk Wakalah Programme, triggered by a covenant breach, does not necessitate immediate full repayment. The company informed Bursa Malaysia that it will work with the sukuk trustee and holders to address the outstanding matters in line with the Sukuk Wakalah Programme's terms and conditions.
Zetrix AI, previously known as MyEG Services Bhd, gathers payments for Malaysian government agencies and operates the Zetrix blockchain platform. The event occurred after Wong Thean Soon, the company's managing director, stopped being the sole largest shareholder after banks forced share sales. Zetrix AI confirmed that all payments due under the Sukuk Wakalah Programme have been made per the stipulated schedule.
The company will announce any payment default event in accordance with Bursa Malaysia's Main Market listing requirements. No resolution for the next sukuk holders meeting was passed at the Oct 23 meeting, but the existing terms remain in force.
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