Zetrix AI Confirms No Payment Default Has Occurred Amid Potential Sukuk Covenant Breach
KUALA LUMPUR, Oct 22 (Bernama)-- Zetrix AI Bhd has confirmed that no payment default has occurred as of today's announcement, amid a potential covenant breach under its sukuk wakalah programme valued at up to RM2 billion.
The company said the sukuk trustee, Pacific Trustee Bhd, “will convene a meeting with all sukuk holders tomorrow (Oct 23) to discuss the matter with a proposed resolution to address the cause of the breach, in relation to the shareholding of the substantial shareholder.”
"The meeting aims to facilitate constructive discussions and gather feedback from the sukuk holders on the proposed resolution. This engagement will serve as a basis for formulating and formalising an appropriate arrangement that is mutually acceptable to the relevant parties," it said in a stock exchange filing with Bursa Malaysia.
The company said it is committed to meeting its sukuk repayment obligations in line with the agreed schedule and continues to take the necessary steps to support its financial commitments.
In the meantime, the company said it will continue to engage with the sukuk trustee to address the matter, adding that it will make further announcements on any material developments in accordance with its disclosure obligations.
--BERNAMA