KUALA LUMPUR: Zetrix AI Bhd faces a potential covenant breach under its RM2 billion sukuk Wakalah after its 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 fell to 1.895 per cent as of Oct 15 following the forced sale of his shares by banks.
The sukuk requires Wong to remain the company's single largest shareholder, directly or indirectly.
Zetrix AI said it must remedy the potential breach within seven days of becoming aware of the failure, setting Oct 22 as the deadline.
If the matter is not rectified by then, the company will seek consent and instructions or directions from sukukholders through an extraordinary resolution.
The company said it is in discussions with the sukuk trustee and will make further announcements on material developments, as appropriate.
Separately, Bursa Malaysia suspended trading in Zetrix AI's securities at 9.19am on Friday following the announcement.
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