Zetrix AI confirms RM25 million sukuk payment default to Bursa Malaysia

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Zetrix AI defaults on sukuk

Highlights

Zetrix AI Bhd confirmed a RM25 million payment default on Sukuk Wakalah Series No. 6, which matured on 6 Nov, prompting MARC Ratings to downgrade the RM2 billion sukuk programme to D-IS.
Managing Director Wong Thean Soon’s shareholding fell from nearly 30% to 1.84% due to forced selling since August, while Zetrix AI shares lost 90% of their value.
Zetrix AI and MYEG Sdn Bhd were suspended as JPJ collection agents after failing to remit RM314 million to the agency, and MYEG was also issued an additional tax bill of RM353.13 million.

This article was translated from the original. Read the original version by our correspondent here.

Default details and the company’s response

As reported by The Edge Malaysia, citing Bursa Malaysia, Zetrix AI Bhd confirmed on Tuesday that it still owes RM25 million in principal and periodic distribution payments for Sukuk Wakalah Series No. 6, which matured last Friday. The confirmation was made in the company’s response to a query from Bursa Securities asking whether a payment default had occurred, when it occurred and what the reasons were, under the Main Market Listing Requirements.

Bursa Securities also referred to a The Edge article about MARC Ratings’ downgrade of Zetrix AI’s RM2 billion sukuk programme to D-IS after the technology company failed to meet its RM25 million obligation due on 6 Nov. The company said it was taking steps to settle the overdue payment.

According to the company’s annual report, the RM2 billion sukuk programme was established in 2022. Series No. 6 had an issue size of RM25 million and a three-year tenor, and was issued on 6 Nov 2023.

Financial pressure and implications for the group

The failure to meet the obligation due on 6 Nov comes as the sukuk programme is undergoing an event of dissolution following a breach of the condition that Zetrix AI managing director Wong Thean Soon must remain the company’s largest single shareholder. The breach remains unresolved after a meeting with sukuk holders on 23 Oct, and another meeting will be called, although no date has been announced.

Forced selling triggered by margin calls, which began in late August, saw Wong’s stake fall from nearly 30% to 1.84%. Zetrix AI shares have also lost 90% of their value since then.

Beyond the sukuk issue, the group is also facing cash flow pressure and legal burdens. The company and its subsidiary, MYEG Sdn Bhd, were suspended as collection agents for the Road Transport Department (JPJ) after failing to remit RM314 million collected on the agency’s behalf, while the Transport Ministry said it planned to sue the company to recover the money.

MYEG was also issued an additional tax bill of RM353.13 million by the Inland Revenue Board in connection with transfer pricing issues for the 2021 to 2023 assessment years. According to the annual report, Zetrix AI had assets of RM5.55 billion as at the end of December 2025, including RM2.85 billion in development costs and RM376.61 million in digital assets, while total liabilities stood at RM1.83 billion.

This latest update follows our article on the suspension of JPJ collections, which is putting pressure on Zetrix AI’s cash flow.

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