Zetrix AI Potentially In Breach Of Covenant Under Sukuk Programme After Wong Thean Soon Ceases As Single Largest Shareholder

KUALA LUMPUR, Oct 16 (Bernama) -- Zetrix AI Bhd said it has considered being potentially in breach of covenant under the Sukuk Wakalah Programme after Wong Thean Soon's shareholding was substantially reduced yesterday, which resulted in him ceasing to be the single largest shareholder of the company.

As of yesterday, Wong, who is also the company’s co-founder, saw his combined direct and indirect shareholding at 1.895 per cent, the company said in its filing with Bursa Malaysia today.

"Consequently, the company is therefore considered to be in potential breach of covenant under the Sukuk Wakalah Programme, which requires Wong to remain, directly or indirectly, the single largest shareholder of the company.

"Pursuant to the terms of the Sukuk Wakalah Programme, the company is required to remedy the aforesaid breach within seven days after becoming aware of the failure," said Zetrix AI. 

The company is required to remedy the breach by Oct 22, 2026. 

If it fails to do so, it will seek the consent and instructions or direction of the sukukholders via an extraordinary resolution.

"The company is currently in discussions with the sukuk trustee and will make further announcements on any material developments, as and when appropriate.

On July 9, 2025, Zetrix AI expanded its Sukuk Wakalah programme to RM2 billion in nominal value, compared with RM1 billion previously.

Yesterday, the company, formerly known as MyEG Services Bhd, said it would fully cooperate with authorities following a probe over an alleged RM230.9 million remittance in government revenue collections, involving MyEG Sdn Bhd and Zetrix AI.

The counter was suspended at 9.19 am. It fell half a sen to six sen, with 7.60 million units transacted.

It will resume trading at 10.19 am today.

-- BERNAMA