AmanahRaya marks Zetrix sukuk at nil across four funds after RM25.68m default
AmanahRaya Investment Management has valued the Zetrix AI sukuk held by four of its funds at nil, following a RM25.68 million payment default. The affected funds include one with a 39.99% allocation to real estate sector debt. Trading in the funds remains suspended until Nov 23.
PETALING JAYA (Nov 13): AmanahRaya Investment Management Sdn Bhd (ARIM) has valued the Zetrix AI Bhd sukuk held by four of its funds at nil, including a fund that previously disclosed a sizeable allocation to property-sector debt. The valuation adjustment took effect on Nov 10 with the approval of the funds’ trustees, according to an investor memo sighted by The Edge Malaysia.
The move follows Zetrix AI’s failure to settle RM25.68 million in principal and profit due on Nov 6 under Sukuk Wakalah Series No. 6. The payment remained outstanding as at Nov 10, according to the report. ARIM said it would continue pursuing recovery of the principal and profit owed, although recovery was not assured. Any amounts recovered would be credited to the funds’ net asset value (NAV) when received, benefiting unitholders at that time.
The affected funds are the AmanahRaya Unit Trust Fund, AmanahRaya Syariah Trust Fund, AmanahRaya Syariah Income Fund and AmanahRaya Mixed Asset Syariah Conservative Income Fund. Their NAV per unit stood at 66.86 sen, 66.11 sen, 72.63 sen and 94.08 sen respectively on Nov 10, according to the report.
The AmanahRaya Unit Trust Fund’s semi-annual report for the period ended Jan 31, 2026 showed a 39.99% allocation to the real estate sector, with investments including debt securities issued by Exsim Capital Resources Sdn Bhd. That historical allocation does not establish the fund’s current property-sector exposure. The nil valuation applies to the affected funds’ Zetrix sukuk holdings, rather than their entire portfolios.
Dealings in the four funds remain suspended until Nov 23. ARIM will issue further notice on redemption arrangements and the resumption of dealings. According to the memo, ARIM could not establish a reasonable basis for recognising a recoverable amount without a confirmed settlement date and amid uncertainty over Zetrix AI’s financial position. It also cited the company’s lack of an external auditor.
Although the missed payment involved one series, ARIM said the payment default constituted a dissolution event allowing sukukholders to demand all amounts due under the programme immediately. Recovery across the series held by the funds therefore depended on the same uncertain outcome. Bond Pricing Agency Malaysia ceased providing prices for the sukuk on Nov 10, the report said.
MARC Ratings downgraded Zetrix AI’s Islamic medium-term notes programme of up to RM2 billion to a default rating on Nov 6 after the company failed to settle the RM25 million principal obligation. It also discontinued analytical coverage of the issuer. In a Bursa Malaysia filing on Tuesday (Nov 10), Zetrix AI acknowledged that the principal and expected periodic distribution for Series No. 6 remained outstanding. It said it was taking steps to facilitate settlement as soon as practicable, without specifying a payment date.
