Zetrix AI Served Notice Over Sukuk Covenant Breach After Major Shareholder's Stake Falls; Shares Down 15%

MT Newswires Live12:50

Zetrix AI (KLSE:ZETRIX) has received a notice as it has breached a covenant under its Sukuk Wakalah Programme after forced share sales by banks reduced the stake of its largest shareholder Wong Thean Soon to 1.895%, according to a Friday filing to the Malaysian bourse.

The company's shares plunged over 15% in recent trade.

The company said Wong ceased to be its single largest shareholder as of Oct. 15.

Under the programme's terms, the company must remedy the potential breach by Oct. 22, ensuring Wong remains its largest shareholder, directly or indirectly. If it fails to do so, Sukukholders' consent will be sought through an extraordinary resolution.

Zetrix AI said it is discussing the matter with the Sukuk trustee.

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