Zetrix AI Sukuk Default: RM25m Unpaid, Settlement Pledged

What Triggered the Zetrix AI Sukuk Default?

Zetrix AI Bhd (KL:ZETRIX) told Bursa Malaysia on Nov 10 that it still owes RM25 million. The payment was due on Nov 6 for a tranche of its sukuk programme.

The company said it is taking steps to settle the nominal value and periodic distribution amounts of its Sukuk Wakalah Series No 6. The programme is undergoing a dissolution event caused by a breach of a covenant.

The RM2 billion Zetrix AI sukuk programme was established in 2022. Series No 6 has an issue size of RM25 million and a three-year tenure, and was issued on Nov 6, 2023.

How Low Did MARC Ratings Cut the Zetrix AI Sukuk?

MARC Ratings downgraded the programme to a default rating of D-IS after the RM25 million obligation went unpaid. Bursa Securities’ queries cited that downgrade, as reported by The Edge.

Bursa asked Zetrix AI to state whether there was a payment default and, if so, the date and reasons, under Part H(A) of Appendix 9A of the Main Listing Requirements. The company replied that the outstanding payments were less than 5% of its net assets, based on its latest audited financial statements.

What Does Zetrix AI’s Balance Sheet Show Against RM25m?

The annual report shows total assets of RM5.55 billion as at end-December 2025. That includes RM2.85 billion in development costs and RM376.61 million in digital assets.

Total liabilities stood at RM1.83 billion. Deducting liabilities from assets leaves roughly RM3.72 billion, a rough book-value gauge and not an audited figure.

Development costs alone make up about half of total assets.

Why Did Wong Thean Soon’s Stake Fall to 1.84%?

A forced sell-down prompted by margin calls began in late August. It cut Wong Thean Soon’s stake from nearly 30% to just 1.84%.

He remains the company’s single largest shareholder. Zetrix AI shares have lost 90% of their value since then, and the breach stayed unresolved after an Oct 23 meeting with sukukholders.

What Other Pressures Are Weighing on Zetrix AI?

Zetrix AI and its unit MYEG Sdn Bhd were suspended as Road Transport Department (JPJ) collection agents after failing to remit RM314 million collected for the agency. The Transport Ministry plans to sue to recover the monies.

MYEG also received an additional RM353.13 million tax bill from the Inland Revenue Board over transfer pricing for the years of assessment 2021 to 2023.

Which Zetrix AI Dates Are Worth Monitoring?

Zetrix AI faces an Nov 11 deadline to disclose its financial position under Bursa’s directive. Another sukukholder meeting will be called, but no date has been announced.

Key Takeaways

• RM25 million due on Nov 6 remains unpaid, and Zetrix AI has committed to settlement.
• MARC Ratings downgraded the RM2 billion sukuk programme to D-IS.
• Wong Thean Soon’s stake fell to 1.84% from nearly 30%, and shares are down 90%.
• JPJ collections of RM314 million and a RM353.13 million IRB tax bill add to the pressure.

This article is for information only and is not investment advice. Do your own research and check Bursa Malaysia announcements for updates on Zetrix AI’s sukuk settlement before making any decision.

Frequently Asked Questions

Has Zetrix AI defaulted on its sukuk?

Yes, MARC Ratings downgraded Zetrix AI’s RM2 billion sukuk programme to D-IS after an RM25 million obligation due on Nov 6 went unpaid. The company has confirmed to Bursa Malaysia that it is taking steps to settle.

What is Zetrix AI’s stock code on Bursa Malaysia?

Zetrix AI Bhd trades on Bursa Malaysia as KL:ZETRIX. Check Bursa Malaysia announcements for the latest company filings.

What is the Nov 11 deadline for Zetrix AI?

Zetrix AI faces a Nov 11 deadline to disclose its financial position under a Bursa directive, as reported by The Edge. The deadline comes while the sukuk payment remains outstanding.

How much have Zetrix AI shares fallen?

Zetrix AI shares have lost 90% of their value since late August, when a forced sell-down began. Wong Thean Soon’s stake fell from nearly 30% to 1.84% in the same period.

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Disclaimer: This article is for informational purposes only and does not constitute financial advice. Always do your own research before making investment decisions.

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