Tabung Haji continues transfer of underperforming equities to SPV

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KUALA LUMPUR (Dec 31): Lembaga Tabung Haji continued to transfer its underperforming equities to the special purpose vehicle (SPV), under the Ministry of Finance, for the second day since Friday.

Filings with Bursa Malaysia today showed that the pilgrim fund has transferred its shareholdings in 10 listed companies to Urusharta Jamaah Sdn Bhd.

As at 3.08pm, the companies comprise FGV Holdings Bhd, Datasonic Group Bhd, Uzma Bhd, MMC Corp Bhd, Reach Energy Bhd, Suria Capital Holdings Bhd, Mudajaya Group Bhd, YLI Holdings Bhd, Yi-Lai Bhd and Brahim's Holdings Bhd.

As a result, Urusharta Jamaah emerged as the substantial shareholder of several of these listed companies.

Last Friday, the SPV, set up to take over RM19.9 billion worth of Tabung Haji's underperforming properties and equities, commenced taking over these assets.

The listed companies that were part of the shares transfer last week were TH Heavy Engineering Bhd, Icon Offshore Bhd, Pelikan International Corp Bhd, MCT Bhd, UEM Sunrise Bhd, IJM Corp Bhd, Pintaras Jaya Bhd, Parkson Holdings Bhd, Lion Industries Corp Bhd, Puncak Niaga Holdings Bhd, KSL Holdings Bhd, Malaysia Marine & Heavy Engineering Holdings Bhd, Mah Sing Group Bhd, Star Media Group Bhd, Integrated Logistics Bhd, Malakoff Corp Bhd, Naim Holdings Bhd, Dayang Enterprise Holdings Bhd, Hap Seng Plantations Holdings Bhd, Eastern & Oriental Bhd, Adventa Bhd, and CSC Steel Holdings Bhd.

Based on Bursa public disclosure, Tabung Haji has transferred its shareholdings from 32 listed companies in total since last Friday.

On Dec 11, Tabung Haji revealed that the SPV will be acquiring the pilgrim fund's underperforming properties and equities in exchange for RM10 billion in sukuk and RM9.9 billion in Islamic redeemable convertible preference shares (RCPS-i).

Its group managing director and chief executive officer Datuk Seri Zukri Samat reportedly said properties with yields of less than 2% and equities that have seen impairment of more than 20% will be acquired by the SPV at book value.

Of the assets to be transferred to the SPV, 80% of the total value comprises equities while properties account for the balance 20%.