{
  "id": 16140424,
  "title": "Zetrix AI shares surge 30pct ahead of crucial sukukholders' meeting",
  "url": "https://urgent.news/2026/10/23/zetrix-ai-shares-surge-30pct-ahead-of-crucial-sukukholders-meeting",
  "topic": "ai",
  "section": "AI",
  "published": "2026-10-23T02:02:09.000Z",
  "source": {
    "name": "New Straits Times",
    "slug": "new-straits-times",
    "url": "https://www.nst.com.my/business/corporate/2026/10/1561766/zetrix-ai-shares-surge-30pct-ahead-crucial-sukukholders-meeting"
  },
  "original_language": "en",
  "account": "Shares of Zetrix AI Bhd surged 30% in early trading today, as the company prepared for a key meeting with sukukholders. The stock, which trades on Bursa Malaysia, reached 6.5 sen by 9:44am, up from its opening price of 5.5 sen. Over 62.96 million shares changed hands during the session, prompting the stock to climb to Bursa Malaysia's most active list. The recent rally comes as Zetrix AI faces a critical juncture over a breach of a covenant in its RM2 billion Sukuk Wakalah program. The breach stems from managing director Wong Thean Soon no longer being the company's largest single shareholder after forced share sales, which reduced his combined stake to just 1.895% as of October 15. The company has lost approximately 92% of its value since the beginning of the year, when shares were trading at 81 sen. As of 6.5 sen, Zetrix AI's market capitalization sits at about RM525.11 million. To address the covenant breach, Zetrix AI announced that the Sukuk trustee, Pacific Trustee Bhd, would convene a meeting with sukukholders today to discuss a resolution proposal. The trustee confirmed no default had occurred as of Thursday, and the discussions would form the basis for a mutually acceptable arrangement between parties. The meeting follows the expiration of the Oct 22 deadline for Zetrix AI to remedy the covenant breach, which could trigger a dissolution event and immediate repayment demand from the trustee if left unresolved. Zetrix AI's financial struggles have intensified in recent weeks, with MARC Ratings cutting its sukuk rating from AA-IS to BB+IS and maintaining a Negative rating under MARCWatch. The downgrade was attributed to deteriorating financial and liquidity conditions, governance and shareholding uncertainties, and heightened risks regarding compliance with the sukuk covenants. Adding to investor concerns, Zetrix AI withdrew its previously declared interim dividend of 0.25 sen per share last Monday, citing unexpected operational expenses and the need to preserve working capital. Despite the challenges, the company maintained it would continue meeting its sukuk repayment obligations as per the agreed schedule and would remain engaged with the trustee to resolve the matter.",
  "summary": "KUALA LUMPUR: Shares of beleaguered Zetrix AI Bhd rebounded 30 per cent in early trade today, ahead of a crucial meeting with sukukholders that could determine how the company resolves a covenant breach involving its RM2 billion sukuk programme.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}