Zetrix AI shares fall 7.69pct on potential sukuk covenant breach risk

Zetrix AI Bhd’s share price fell 7.69 percent, or half a sen, today following news of a potential covenant breach under its RM2 billion Sukuk Wakalah Programme.

At 3.45pm, the counter saw 235 million units changing hands after resuming trading at 10.19am.

Zetrix AI Bhd’s share price fell 7.69 percent, or half a sen, today following news of a potential covenant breach under its RM2 billion Sukuk Wakalah Programme.

At 3.45pm, the counter saw 235 million units changing hands after resuming trading at 10.19am.

The potential breach follows a substantial reduction in Wong Thean Soon’s shareholding on Thursday, resulting in him ceasing to be the company’s single largest shareholder.

Wong, who is the company’s co-founder and managing director, saw his combined direct and indirect shareholding at 1.895 percent, according to Bursa Malaysia's filing today.

The company, formerly known as MyEG Services Bhd, is 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.

The company is required to remedy the breach by Oct 22, failing which it will seek the consent and instructions or direction of the sukuk holders through an extraordinary resolution.

Yesterday, the company said it would fully cooperate with authorities following a probe over an alleged RM230.9 million remittance in government revenue collections.

- Bernama