Sukuk Dissolution Event Does Not Require Immediate Full Repayment, Says Zetrix AI

KUALA LUMPUR, Oct 29 (Bernama) -- b acknowledges that a dissolution event had been triggered under its Sukuk Wakalah Programme following a breach of a covenant requiring Wong Thean Soon to remain its single largest shareholder.

However, the event did not require it to repay the full outstanding amount immediately under the programme, Zetrix AI replied to a query from Bursa Malaysia today.

"The company will continue to engage with the sukuk trustee and sukukholders to resolve the outstanding matters in accordance with the terms and conditions of the Sukuk Wakalah Programme," it said.

Zetrix AI, formerly known as MyEG Services Bhd, collects payments for Malaysian government agencies and operates the Zetrix blockchain platform.

On Oct 16, it was reported that Zetrix AI Bhd faced a potential breach of a covenant under its RM2 billion 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 the bourse reply, the company stated that it has made all payments due under the Sukuk Wakalah Programme in accordance with the stipulated payment schedule.

The company said it would make an immediate announcement pursuant to Paragraph 9.19A of the Main Market listing requirements of Bursa Malaysia Securities Bhd should an event of default in payment occur. 

The next sukuk holders' meeting date has not been fixed pending the availability of all parties, it added.

During the Oct 23 sukuk holders' meeting, no resolution was passed, but the existing terms and conditions of the Sukuk Wakalah Programme remain in force, it said.

-- BERNAMA