If you searched for “zetrix ai bhd” today, here is the plain version. The company told Bursa Malaysia that it is unable to repay the full RM2 billion under its sukuk programme. It also admitted a further breach after failing to repay RM25 million that was due under the programme.
What exactly happened at Zetrix AI?
Zetrix AI has proposed amendments to the covenants governing its sukuk wakalah programme, but discussions with sukukholders are still ongoing. The next meeting with sukukholders has not been fixed. The company said it intends to repay the RM25 million before that meeting would have been held.
The share price reflects the strain. Shares closed unchanged at six sen on Friday, after earlier falling to five sen, valuing the company at RM473.9 million. The stock has plunged 92.29% from its year-to-date high of 85.8 sen on April 21.
What does this mean for sukuk holders?
Sukuk holders are the people owed repayment under the programme, so this is the most direct exposure. The company’s proposals include two main changes. First, allowing managing director Wong Thean Soon and parties acting in concert with him to collectively remain the single largest shareholder, instead of requiring Wong to individually hold that position. Second, allowing the company to charge up to 10% of its net assets as security for financing facilities, with the proceeds placed in an escrow account to meet sukuk repayment obligations.
What you can do:
- Check your statements and your fund or distributor’s disclosures for any Zetrix AI sukuk exposure. Note that AmanahRaya Investment Management has written off Zetrix AI sukuk across four funds, according to a memo referenced in the same report.
- Ask your fund manager or distributor for the latest position in writing, including how any proposed amendments would affect you.
- Track the outcome of the sukukholder discussions, which are still open.
What does this mean for shareholders and dividend recipients?
The dividend picture is messy. The outstanding final dividend of 2.89 sen per share for the financial year ended Dec 31, 2025 has affected 25 central depository system (CDS) accounts, involving RM49.76 million. The board is obtaining an independent legal opinion on litigation involving the dividend reinvestment plan, and considers withholding the affected payments appropriate while it decides its next steps.
Separately, the board withdrew the first interim dividend for 2026 to conserve working capital to meet its commitments. Bursa Malaysia has directed Zetrix AI to settle all outstanding cash dividends owed to unaffected shareholders no later than Nov 23.
What you can do: check your CDS account and dividend credits with your broker, keep records of every notice you receive, and read each Bursa announcement rather than relying on social media summaries.
Why does the JPJ issue matter for the business?
The suspension of Zetrix AI and its subsidiary MyEG Sdn Bhd as Road Transport Department (JPJ) collection agents is expected to reduce group revenue by about 15%, based on JPJ’s contribution as at end-2025. The company said it cannot yet determine the indirect impact over the next two quarters, and it is reducing the number of physical e-service centres to “right-size its operations”. Its proposal to settle outstanding remittances to JPJ remains under government evaluation.
There is also a tax dispute. The Inland Revenue Board imposed additional income tax assessments totalling RM353.13 million for assessment years 2021 to 2023. The company says it will contest them, that there is no immediate impact on operations or financials, and that case management is scheduled for Nov 20.
What should investors in Bursa-listed tech stocks check now?
Zetrix AI is a useful reminder to look beyond the story. Governance and reporting are part of the risk. The company says it is working to appoint new independent directors and reconstitute its board committees before the deadline for releasing its third quarter results for the financial year ending Dec 31, 2026. It expects to appoint a new external auditor by the end of November, following the resignation of TGS TW PLT announced on Sept 28.
A simple checklist:
- Has the company named a new auditor, and are the board and committees complete?
- Are its debt and sukuk obligations disclosed clearly, with dates?
- Is the dividend position clear, and has Bursa’s Nov 23 deadline been met?
- Does your own portfolio size and risk tolerance match what you are reading?
Dexter Chia is a licensed M+ Global remisier (R336). This article is general education, not personal financial advice. Speak to a licensed representative about your own circumstances before making any decision.
Frequently Asked Questions
Is Zetrix AI in default on its sukuk?
The company’s own words are that it is currently unable to repay the entire RM2 billion outstanding, and that a further breach arose after it failed to repay RM25 million. How the sukuk terms apply, and what happens next, depends on the amendment talks with sukukholders, which are still ongoing.
Will I receive my Zetrix AI dividend?
Bursa Malaysia has directed the company to settle all outstanding cash dividends to unaffected shareholders by Nov 23. The 25 CDS accounts involving RM49.76 million are affected by the board’s decision to withhold payments while it obtains a legal opinion. Check with your broker for your account’s status.
Should I sell my Zetrix AI shares?
I cannot tell you whether to buy, sell or hold any stock, and I do not make price predictions. What you can do is list your exposure, read the company’s Bursa filings, note the upcoming dates (Nov 20 case management, Nov 23 dividend deadline, end-November auditor appointment), and discuss your options with a licensed representative.
Source: The Edge Malaysia
