Accra:Zetrix AI Bhd has until October 22, 2026, to address a breach of covenant under its Sukuk Wakalah. Failure to do so could lead to a payment default.

According to BERNAMA News Agency, the company disclosed in response to a query from Bursa Malaysia that the total outstanding coupon due on future dates amounts to RM164.5 million, with the total outstanding principal standing at RM2.0 billion.

Zetrix AI stated in a filing to Bursa Malaysia that if the breach remains unresolved by the deadline, it will seek the consent and instructions or directions of Sukukholders through an Extraordinary Resolution. This could include seeking a waiver of the covenant.

If a dissolution event is triggered and continues due to the Sukukholders not approving the waiver, the Sukuk Trustee may declare such an event and accelerate the payment of all accrued and unpaid sums under the Sukuk Wakalah. In this scenario, all outstanding amounts would become immediately due and payable, and the trustee would be entitled to enforce its rights under the transaction documents.