KUALA LUMPUR: Zetrix AI Bhd faces a potential breach of a covenant under its RM2bil Sukuk Wakalah programme after managing director Wong Thean Soon ceased to be the company's single largest shareholder following forced share sales by banks.
In a filing with Bursa Malaysia, the company said Wong's combined direct and indirect shareholding had fallen to 1.895% as at Oct 15, 2026, following the forced selling of his shares by banks.
“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,” it said.
Zetrix AI said it is required to remedy the potential breach within seven days of becoming aware of the failure, setting a deadline of Oct 22, 2026.
Should the company fail to rectify the matter by the deadline, consent and instructions or directions from sukukholders will be sought through an extraordinary resolution.
“The company is currently in discussions with the sukuk trustee in relation to the aforesaid matter and will make further announcements on any material developments, as and when appropriate,” it said.
Separately, Bursa Malaysia Securities announced that trading in Zetrix AI's securities was halted at 9.19 am on Friday following the announcement. Trading is scheduled to resume at 10.19 am.
