Zetrix AI Sukuk Breach: 789 Mil Options at 28% Discount

Quick Answer: Zetrix AI (KL:ZETRIX) failed to resolve a covenant breach on its RM2 billion sukuk by Friday (Oct 23), and another sukukholders’ meeting is planned with no date set. The company also offered 788.83 million immediately exercisable share options at a 28% discount, its first option offer since December 2020. For shareholders, the sukuk dispute centres on managing director Wong Thean Soon’s shareholding, while the options carry potential dilution.

Zetrix AI’s sukuk talks ended without a deal on Friday (Oct 23), forcing a second sukukholders’ meeting over a covenant breach on its RM2 billion sukuk. The company also made a share option offer the same day. Both items put KL:ZETRIX firmly in focus on Bursa Malaysia.

Why Did Zetrix AI’s Sukuk Talks Fail?

Zetrix AI sukuk covenant breach and share option news on Bursa Malaysia — Zetrix AI’s sukuk covenant breach and share option offer were among Friday’s Bursa corporate announcements.

Parties failed to reach a deal on Friday to address the covenant breach before the deadline. The date of the next meeting has yet to be set.

The meeting will discuss a proposed resolution linked to managing director Wong Thean Soon’s shareholding in the company.

Zetrix AI Sukuk Breach: 789 Mil Options at 28% Discount — Photo: TheEdge

What Is in Zetrix AI’s 788.83 Million Share Option Offer?

This is the first share option offer Zetrix AI has made since December 2020. It granted 788.83 million immediately exercisable options under a scheme covering up to 10% of its issued shares.

The options were priced at a 28% discount. Wong Thean Soon received the largest allocation among directors, at 27.5 million options.

Does the Option Offer Dilute Zetrix AI Shareholders?

Options can dilute existing holders once exercised, and the 10% scheme cap sets the ceiling. Shareholders can measure the exposure against the company’s issued share count in its filings.

The 27.5 million options to Wong Thean Soon arrive while his shareholding is at the centre of the sukuk dispute. That overlap makes the sukuk meeting worth monitoring alongside the option exercise timeline.

Which Other Bursa Stocks Made Friday’s Recap?

Astro (KL:ASTRO) plans to sell its broadband business to Maxis (KL:MAXIS) for up to RM83 million cash, with a net gain of RM31.4 million expected.
CelcomDigi (KL:CDB) unit lodged a sukuk programme of up to RM10 billion in nominal value with the Securities Commission Malaysia.
Yinson (KL:YINSON) and PetroVietnam Technical Services Corp achieved first oil at Lac Da Vang on Sept 27, 2026, ahead of the fourth-quarter target.
Malakoff (KL:MALAKOF) awarded a RM34.39 million contract to MMC Engineering, a subsidiary of its largest shareholder MMC Corp, which holds 38.45%.
Solarvest (KL:SLVEST): Prudential plc holds a 5.25% stake after acquiring 51.41 million shares on Oct 21.
YTL Hospitality REIT (KL:YTLREIT) redesignated Yeoh Keong Shyan as alternate executive director, while Yeoh Pei Xien was appointed alternate to Datuk Yeoh Soo Min.
Hong Leong Capital (KL:HLCAP) named Datuk Muhamad Umar Swift as managing director and CEO of Hong Leong Investment Bank from Jan 1, 2027.
REDtone Digital (KL:REDTONE) appointed Robin Tan Yeong Ching as executive deputy chairman; Berjaya’s group holds 34.27%.
Affin Bank (KL:AFFIN) appointed Doreen Choo Choy Wan as CEO of its asset management arm, effective immediately.
Comfort Gloves (KL:COMFORT) agreed to settle a tax dispute with the Inland Revenue Board for RM8.3 million, against RM99.3 million in disputed taxes.

Key Takeaways

Zetrix AI’s RM2 billion sukuk covenant breach remains unresolved, with the next meeting date not set.
The company offered 788.83 million options at a 28% discount, its first option offer since December 2020.
Wong Thean Soon received 27.5 million options, the largest director allocation.
Astro’s broadband sale to Maxis is worth up to RM83 million, with a RM31.4 million net gain expected.

This article is for general information only and is not investment advice. Do your own research before making any decision on Bursa Malaysia stocks.

Frequently Asked Questions

Is Zetrix AI’s RM2 billion sukuk facing a covenant breach?

Yes, the sukuk has a covenant breach linked to managing director Wong Thean Soon’s shareholding. Sukukholders failed to reach a deal by the deadline on Friday (Oct 23), and another meeting is planned with no date set.

What discount did Zetrix AI offer on its share options?

Zetrix AI offered 788.83 million immediately exercisable share options at a 28% discount. It was the company’s first share option offer since December 2020.

How many options did Wong Thean Soon receive from Zetrix AI?

Wong Thean Soon received 27.5 million options, the largest allocation among Zetrix AI’s directors. The options sit under a scheme covering up to 10% of the company’s issued shares.

How much is Astro selling its broadband business to Maxis for?

Astro is proposing to sell its broadband business to Maxis for up to RM83 million in cash. It expects a net gain of RM31.4 million from the disposal by its subsidiary Measat Broadcast Network Systems Sdn Bhd.

Source: View Original Article — The content is based on the original publisher. Refer to the original content for accurate info. Contact us for any changes.