Zetrix AI's TS Wong Sells More Shares Before Sukuk Deadline

Quick Answer: Zetrix AI managing director Wong Thean Soon, known as TS Wong, sold another 600,000 shares at five sen each, cutting his stake to 1.887%. The disposal complicates the group’s efforts to fix a breach of its RM2 billion sukuk covenant, which requires him to stay the largest shareholder by Oct 22. Without a waiver, the breach could push total potential liability to RM2.16 billion, the exposure shareholders need to track.

**Zetrix AI** (**KL:ZETRIX**) is in a **sukuk covenant** dispute with its bondholders. Managing director Wong Thean Soon has sold another 600,000 shares, reducing his stake to 1.887%. The sale was made last Friday and disclosed to Bursa Malaysia on Monday.

Why Did Zetrix AI’s TS Wong Sell More Shares?

Zetrix AI's TS Wong sells more shares as Oct 22 sukuk covenant deadline looms — Zetrix AI managing director Wong Thean Soon (TS Wong) has sold more shares ahead of the Oct 22 sukuk covenant deadline.

The shares were sold at five sen each, for a total consideration of **RM30,000**. They equal 0.008% of the company and were held indirectly through Asia Internet Holdings Sdn Bhd.

TS Wong says the disposals were not voluntary. He is considering legal action over suspected collusion and share price manipulation.

The sales are linked to margin calls on his share-backed financing facilities. His stake has fallen from nearly 30% in late August.

Zetrix AI's TS Wong Sells More Shares Before Sukuk Deadline — Photo: TheEdge

What Is the RM2.16 Billion Sukuk Covenant Risk?

Covenant: Wong must remain the largest shareholder of Zetrix AI.
Deadline: Oct 22.
Waiver plan: If the breach is not resolved by Oct 22, the company will seek sukuk holders’ approval for a waiver.
Principal at risk: RM2 billion, which could be repaid early.
Coupon at risk: RM164.5 million in future coupon payments.
Total potential liability: RM2.16 billion.

After the latest disposal, Wong holds 43.18 million shares directly, a 0.547% stake. He also holds 105.83 million shares indirectly, or 1.34%, through Asia Internet Holdings.

Why Did Zetrix AI Withdraw Its Dividend?

On Monday morning, Zetrix AI withdrew its first interim single-tier dividend of **0.25 sen per share** for the financial year ending Dec 31, 2026. The company cited the need to preserve working capital amid unexpected operational expenses.

The dividend was declared on Aug 24 and scheduled for payment on Nov 20. Shareholders who expected that payout will not receive it. Investors can review how dividends are declared and paid in our Dividend Investing Guide.

How Far Has the Zetrix AI Share Price Fallen?

Zetrix AI shares fell 9.09%, or half a sen, to **five sen** on Monday. That is the lowest level in 14 years.

About 108 million shares changed hands on Monday. The sell-off since late August has wiped out more than 90% of the company’s market capitalisation, which stood at **RM394.9 million** at Monday’s close.

This article is for information only and does not constitute investment advice. Do your own research before making any decision on Zetrix AI or any other Bursa Malaysia-listed stock.

Key Takeaways

TS Wong sold 600,000 more Zetrix AI shares at five sen each, for RM30,000, cutting his stake to 1.887%.
The RM2 billion sukuk covenant deadline is Oct 22. Without a waiver, potential liability reaches RM2.16 billion.
The 0.25 sen interim dividend, due Nov 20, has been withdrawn to preserve working capital.
The share price fell to five sen, a level last seen 14 years ago, and market capitalisation is RM394.9 million.
Investors may want to watch the Oct 22 covenant outcome and any sukuk holder decision on a waiver.

Frequently Asked Questions

What is the Zetrix AI sukuk covenant breach?

The RM2 billion sukuk covenant requires managing director Wong Thean Soon to remain Zetrix AI’s largest shareholder. The breach must be resolved by Oct 22, or the company will seek sukuk holders’ approval for a waiver. Without a waiver, potential liability reaches RM2.16 billion.

How much did TS Wong receive for the Zetrix AI shares he sold?

The latest 600,000 shares were sold at five sen each, for a total of RM30,000, according to a Bursa Malaysia filing on Monday. The shares equal 0.008% of the company.

Has Zetrix AI cancelled its dividend?

Yes. Zetrix AI withdrew its first interim single-tier dividend of 0.25 sen per share for the financial year ending Dec 31, 2026, citing the need to preserve working capital. The payment had been scheduled for Nov 20.

How much of Zetrix AI does TS Wong still own?

After the latest disposal, he holds 1.887% in total. This includes 43.18 million shares directly (0.547%) and 105.83 million shares indirectly (1.34%) through Asia Internet Holdings Sdn Bhd.

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Zetrix AI’s TS Wong Sells More Shares Before Sukuk Deadline