Zetrix AI confirms RM25mil sukuk default, pledges quick settlement
The company says it is taking the necessary steps to settle the outstanding amounts to holders as soon as practicable.
Zetrix AI Bhd has acknowledged an outstanding payment of RM25 million in Sukuk Wakalah Series No 6, which was due on November 6. The company stated that it is taking the necessary steps to settle the amounts owed to the holders of its Islamic bond program as soon as practicable. According to Zetrix, the outstanding payments represent less than 5% of the company's net assets based on its latest audited financial statements.
The company's filing responds to an inquiry from Bursa Malaysia following a report on November 6 that MARC Ratings had downgraded Zetrix's sukuk to 'default' status due to its failure to settle the financial obligation. Zetrix recently confirmed that a 'dissolution event' was triggered by the breach of a covenant requiring its founder and managing director, Wong Thean Soon, to remain the largest shareholder.
The company clarified that it is not obligated to immediately repay the full outstanding amount under its sukuk program and that no payment default has occurred. Zetrix will provide further updates on any significant developments related to this matter as needed.
Written by urgent.news from Free Malaysia Today's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
