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Encouraging dividend awaits Tabung Haji depositors

Normal for Tabung Haji to announce its dividend payment in the first week of the second month.

Syndicated News
Written by Syndicated News

KUALA LUMPUR — January 27, 2016: Lembaga Tabung Haji (LTH) is in good financial shape and will be able to announce an encouraging dividend in the first week of next month.

In dismissing claims that the agency is facing financial difficulties, the agency’s chairman Datuk Seri Abdul Azeez Abdul Rahim said this today: “We are not operating at a loss and we do not need the government to come to our rescue.

“It has been our practice to announce the dividend in the first quarter before Chinese New Year and by the first week of the second month. This is in
our calendar.”

According to Azeez, the strong financial performance also enables LTH to subside pilgrims to the tune of RM160 million this year from RM150 million last year.

“Although the haj would cost RM18,980 this year, LTH only charges each pilgrim RM9,980. This means a first-time pilgrim is getting a subsidy of
RM8,910. This will not be possible if we are running at a loss,” he clarified in response to reports on its negative reserve levels.

In a press statement yesterday, LTH group managing director and chief executive officer Tan Sri Ismee Ismail said throughout the 2014 and 2015
financial years, LTH’s total asset value was higher than its liabilities, taking into account the fair value of all its investment portfolios.

“LTH has been performing well financially… For example, our cash assets alone as at December 31, 2015, stood at RM10.7 billion,” he said.

On a warning letter from Bank Negara (BNM) to him, claiming that LTH’s liabilities outweighed its assets, Azeez said the central bank did not take into account the total value of its investment in other sectors.

“The assets mentioned by BNM did not take into account the equity investments of LTH’s subsidiaries or associated companies besides that of real
estates and plantations.”

Azeez said he had also discussed with his lawyers on the leaked confidential BNM letter and would press charges against those responsible in
necessary. — Bernama

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