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The covenant publicly described by MARC Ratings is that Wong Thean Soon (TS Wong) must remain the group's single largest shareholder. That is different from a fixed minimum direct ownership requirement.
The distinction matters because TS Wong holds shares both directly in his own name and indirectly through Asia Internet Holdings Sdn. Bhd. The sukuk covenant, as publicly summarised, concerns his position as the largest shareholder rather than a stated 5% direct-shareholding threshold.
Correct for now and that is why it has yet to trigger the Sukuk default clause based on direct and indirect shareholdings since there have been no new Substantial Shareholder announcement to date ie. only on Marc Ratings negative watchlist and they are definitely watching closely. However, with the continuous daily decrease in direct and indirect % shareholdings position, Sukuk default risk as getting closer to cease as Substantial Shareholder (direct + indirect) 5% threshold.
