Business · Malaysia Bureau
Zetrix AI acknowledges RM25 million sukuk default, vows swift repayment
Technology firm Zetrix AI has confirmed it has defaulted on RM25 million in Islamic bonds, committing to resolve the matter expeditiously. The company said it is implementing necessary measures to settle outstanding obligations to sukuk holders at the earliest opportunity.
LSN Malaysia ·
Zetrix AI has officially acknowledged a default on RM25 million in sukuk obligations, marking a significant development for the technology-focused firm. The company disclosed the shortfall in meeting its Islamic bond commitments, which has raised concerns among investors holding the securities.
In a statement addressing the default, Zetrix AI emphasised its commitment to addressing the situation promptly. The firm outlined that it is actively pursuing necessary remedial steps to settle the outstanding amounts owed to sukuk holders as soon as practicable.
The default comes at a time of heightened scrutiny on corporate debt obligations in Malaysia's Islamic finance sector. Sukuk, which are Shariah-compliant bonds, have become an increasingly popular financing instrument for Malaysian companies seeking capital from investors adhering to Islamic principles.
Stakeholders are monitoring Zetrix AI's progress closely as the company works toward resolving the matter. The firm's ability to meet its restructured repayment obligations will be closely watched by creditors and market observers tracking corporate debt performance in the region.