TH com­pletes trans­fer of un­der­per­form­ing eq­ui­ties to SPV

The Star Malaysia - StarBiz - - News -

KUALA LUMPUR: Lem­baga Tabung Haji (TH) has com­pleted the trans­fer of all un­der­per­form­ing eq­ui­ties, as at Dec 30, 2018, to spe­cial-pur­pose ve­hi­cle (SPV) Urusharta Ja­maah Sdn Bhd, says group man­ag­ing di­rec­tor and chief ex­ec­u­tive of­fi­cer Datuk Seri Zukri Sa­mat.

He said a press con­fer­ence would be held next week to an­nounce the lat­est de­vel­op­ment.

“There will be a press con­fer­ence next week. As far as TH is con­cerned, we have al­ready trans­ferred the shares,” he told Ber­nama when asked about the trans­fer of its un­der­per­form­ing as­sets to the SPV, which is part of the pil­grim fund’s turn­around plan.

How­ever, he did not re­spond to a what­sapp query when asked if the trans­fer also in­cluded its prop­erty as­sets.

Based on ob­ser­va­tion, at least 49 pub­lic-listed com­pa­nies had in­formed Bursa Malaysia Se­cu­ri­ties Bhd via a “No­tice of Per­son Ceas­ing to be a Sub­stan­tial Share­holder”, start­ing from Dec 28, 2018 up to Jan 9, 2019, fol­low­ing the trans­fer of shares in TH by Urusharta Ja­maah.

At a me­dia brief­ing on Dec 11, 2018, Zukri said TH had met the tar­get to com­plete the en­tire ex­er­cise by end-Dec 2018, aimed at hav­ing a clean bal­ance sheet with as­sets equalling li­a­bil­i­ties and en­abling the pil­grim fund to pay an an­nual div­i­dend for fi­nan­cial year 2018.

Over­all, RM19.9bil worth of as­sets have been iden­ti­fied to be trans­ferred to the SPV, of which 80% were in the form of eq­ui­ties with im­pair­ments ex­ceed­ing 20% and the bal­ance, in prop­er­ties with yields of less than 2%.

In ex­change for the as­sets, the SPV will is­sue a RM10­bil seven-year sukuk and RM9.9bil in Is­lamic re­deemable con­vert­ible pref­er­ence shares.

TH, he said, wanted to re­duce its eq­uity ex­po­sure to 20% from 40%, pre­vi­ously.

Among the com­pa­nies in­volved in the trans­fer of shares were UEM Sun­rise Bhd, Boustead Heavy In­dus­tries Corp Bhd, Alam Mar­itim Re­sources Bhd, Mah Sing Group Bhd, FGV Hold­ings Bhd, Brahim’s Hold­ings Bhd, Pun­cak Ni­aga Hold­ings Bhd, Park­son Hold­ings Bhd, White Horse Bhd, MCT Bhd, MMC Corp Bhd, Suria Cap­i­tal Hold­ings Bhd and Malaysia Ma­rine and Heavy En­gi­neer­ing Hold­ings Bhd.

As of now, TH is still hold­ing sub­stan­tial shares in key coun­ters such as Te­naga Na­sional Bhd, Ran­hill Hold­ings Bhd, Maxis Bhd and BIMB Hold­ings Bhd.

Re­duced ex­po­sure: De­pos­i­tors per­form­ing their trans­ac­tions at a counter in Me­nara TH. TH wants to re­duce its eq­uity ex­po­sure to 20% from 40%, pre­vi­ously.

Newspapers in English

Newspapers from Malaysia

© PressReader. All rights reserved.