AmanahRaya Suspends 3 Funds: What the Zetrix Link Means

Read in Bahasa Malaysia · 中文

Quick Answer: On 13 October 2026, AmanahRaya Investment Management (ARIM) suspended all dealings — subscriptions, redemptions and switches — in three funds until further notice, citing liquidity pressure from higher redemptions and heightened credit risk in some investments. The Edge Malaysia reports the three funds are among the largest holders of Zetrix AI’s bonds. ARIM says the suspension does not by itself mean an issuer has defaulted or that the funds have made a realised loss.

Which AmanahRaya funds are suspended?

The suspension covers three funds managed by ARIM:

AmanahRaya Syariah Trust Fund (ARSTF)
AmanahRaya Syariah Income Fund (ARSIF)
AmanahRaya Unit Trust Fund (ARUTF)

From 13 October 2026, no units can be bought, redeemed or switched in or out of these funds until ARIM gives further notice. In plain terms: money already in these three funds cannot be withdrawn for now.

What did ARIM’s official notice say?

ARIM gave two reasons: liquidity pressure from an increase in redemption requests, and heightened credit risk in certain investments. It said the step was taken in line with applicable regulatory requirements.

According to the notice, the suspension is meant to protect all unitholders and ensure they are treated fairly, while giving the manager time to assess liquidity, review valuations and decide on next steps. It also avoids forced sales of assets at deep discounts when liquidity is thin.

One line matters most: ARIM said the suspension does not by itself indicate that an issuer has defaulted, nor that the funds have suffered a realised investment loss. ARIM is monitoring the affected investments and engaging the issuers, the sukuk trustee and each fund’s trustee. The notice does not name any issuer. ARIM said it will announce material developments after verification, and will publish any extension of the suspension or resumption of dealings through official channels.

How is Zetrix AI connected?

The Edge Malaysia reported that fixed-income funds managed by Amanah Raya’s subsidiary could be among the hardest hit by the sell-off in Zetrix AI shares, and that ARIM’s three funds are among the largest holders of Zetrix AI’s bonds.

The programme: Zetrix AI set up an RM2 billion Islamic bond (sukuk) programme in November 2022. The first RM1 billion was upsized to RM2 billion in mid-2025, for blockchain and AI product development and to refinance existing notes, issued in tranches with three-year tenures.
The covenant: the programme requires Zetrix AI to ensure that major shareholder TS Wong does not reduce his stake to the point where he is no longer the single largest shareholder, without bondholders’ consent. The Edge reported his direct and indirect stake fell to about 6.4%, from 29.955% on 27 July. He is still the largest shareholder, but the buffer is thin. Other outlets citing company filings give slightly different figures (Business Today).
ARIM’s exposure: ARIM confirmed to The Edge that it holds these notes, and said the three funds together hold less than 30% of Zetrix AI’s bonds. On a RM2 billion programme, The Edge estimated that at below RM600 million but well above RM500 million. That amount is a media estimate from ARIM’s stated percentage, not an official figure.
Market pricing: one RM215 million tranche issued in March 2024 carries a 5.8% coupon. Its yield has risen to 5.97%, above the coupon, which reflects selling pressure.

Was the risk visible before the suspension?

ARIM publishes a monthly fund fact sheet for each fund. In the fact sheets as at 30 September 2026, the top holding listed under “Top 5 Holdings” for all three funds is the same company: Zetrix AI Berhad. That was public two weeks before dealings were suspended.

The same fact sheets rate the three funds’ volatility as “very low”. That rating measures past price swings. It does not capture credit risk — the risk that an issuer cannot pay — which is what is in question here.

How the Zetrix sell-off spread

Zetrix AI’s share price fell from 91 sen to 5.5 sen, wiping billions of ringgit off its market value. The first ring of damage was its shareholders. The second ring is funds holding its bonds. The third ring is ordinary investors in those funds, whose money is on paper but cannot be withdrawn for now. From shares, to bonds, to funds, to retail investors: one company’s problem reached further than most expected.

The lesson: liquidity risk

A fund can hold assets on paper that cannot be turned into cash quickly. Bonds are a common example: unlike shares, many bonds trade rarely, so when a fund needs to sell, finding a buyer at a fair price is uncertain.

There is also a fairness problem. If a fund kept paying redemptions at old valuations, investors who exit first would take cash that does not yet reflect any write-down, and those who stay would bear the later loss alone. That is why a suspension involves the fund trustee, not just the manager, and why ARIM’s notice speaks of treating all unitholders fairly.

Key Takeaways

ARIM suspended subscriptions, redemptions and switches in ARSTF, ARSIF and ARUTF from 13 October 2026 until further notice.
ARIM cited liquidity pressure and heightened credit risk, and said the suspension does not by itself mean a default or a realised loss.
The Edge reports the three funds hold less than 30% of Zetrix AI’s RM2 billion bond programme, estimated at RM500-600 million.
Zetrix AI was the top holding in all three funds’ fact sheets as at 30 September 2026, despite a “very low” volatility rating.
The case shows that low price volatility does not mean low credit or liquidity risk.

Frequently Asked Questions

Can I redeem my units in these three AmanahRaya funds now?

No. All dealings in ARSTF, ARSIF and ARUTF, including redemptions, are suspended from 13 October 2026 until ARIM announces otherwise through official channels.

Does the suspension mean I have lost money?

Not necessarily. ARIM said the suspension does not by itself indicate an issuer default or a realised loss. Valuations are being reviewed under the funds’ policies and regulations, and any material development will be announced after verification.

Why are the funds linked to Zetrix AI?

The Edge Malaysia reported that the three funds are among the largest holders of Zetrix AI’s bonds, holding less than 30% of its RM2 billion programme, and the funds’ 30 September 2026 fact sheets list Zetrix AI Berhad as their top holding. ARIM’s notice itself does not name any issuer.

What should unitholders watch for?

Official announcements from ARIM on valuations, the length of the suspension and when dealings resume. Unitholders with questions can contact ARIM or the agent they invested through.

Sources

Disclaimer: This article is for information only and is not financial advice. Figures are taken from ARIM’s notice, the funds’ fact sheets and the news reports listed above; amounts marked as estimates are not official. Always do your own research before making investment decisions.

Want to invest in Bursa Malaysia or US markets? Contact Dexter Chia, licensed M+ Global remisier (R336) at Malacca Securities Sdn Bhd. M+ Global Invitation Code: UBZQ | WhatsApp: +60169059789