KUALA LUMPUR: Zetrix AI Bhd will hold a meeting with sukukholders on Friday to discuss a proposed resolution to its covenant breach involving the shareholding of a substantial shareholder.
In a filing with Bursa Malaysia tonight, the company said no payment default had occurred as at Thursday.
"The sukuk trustee, Pacific Trustee Bhd, will convene a meeting with all the sukuk holders on 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," it said in the filing.
The company added that the engagement will serve as a basis for formulating and formalising an appropriate arrangement that is mutually acceptable to the relevant parties.
"The company is committed to meet 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 will continue to engage with the sukuk trustee to address the matter," it said.
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 on Oct 16, 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.
© New Straits Times Press (M) Bhd