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After weeks of forced selling, Wong Thean Soon’s (TS Wong) ownership of Zetrix AI has dropped below 2%.
The firm’s market value has slumped to record lows, and with Wong’s stake shrinking, Zetrix sounded the alarm on Friday.
The firm said it was in “potential breach” of a debt covenant on its RM2 billion sukuk programme.
As the debt is fully drawn, this leaves Zetrix facing RM2.16 billion in obligations, coupons included, if the breach isn’t cured.
The programme hinged on Wong remaining the single largest shareholder. He ended the week as anything but.