Business

TH’s underperforming assets to be transferred to SPV owned by MoF Inc

Tabung Haji Building

Syndicated News
Written by Syndicated News

KUALA LUMPUR, Dec 11 2018 : Lembaga Tabung Haji (TH) has identified underperforming assets worth RM19.9 billion to be transferred to a special purpose vehicle (SPV) company owned by MoF Inc to normalise its financial position, said Group Managing Director and Chief Executive Officer Datuk Seri Zukri Samat.

Of the identified assets, 80 per cent were equities with unrealised losses of more than 20 per cent, while the remaining 20 per cent were properties and land assets with yields of below 2.5 per cent, he said. 

The SPV will, in turn, issue a RM10 billion seven-year sukuk and RM9.9 billion of no maturity Islamic Redeemable Convertible Preference Shares (RCPS-i), redeemable at any time without penalty.  

 “The Sukuk will be issued in the first quarter of 2019,” he told a press conference to unveil TH’s rehabilitation and restructuring plan here today. – Bernama

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