Friday 29 Mar 2024
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KUALA LUMPUR: Lembaga Tabung Haji’s paper losses from its associate stake in TH Heavy Engineering Bhd could put pilgrims’ savings with the fund at risk, according to opposition lawmaker Rafizi Ramli (pic).

PKR vice-president Rafizi said in Parliament yesterday that “millions of ringgit” could be wiped out due to bad investment choices by Tabung Haji.

Tabung Haji owns 29.81% in TH Heavy (fundamental: 0.35; valuation: 0.9), formerly known as Ramunia Holdings Bhd.

TH Heavy shares fell 1.67% to 29.5 sen yesterday, for a market capitalisation of RM330.72 million.

According to Rafizi, Tabung Haji had acquired the TH Heavy shares at above RM1 in 2007 and 2008.

“It was an interesting oil and gas counter back in 2005, 2006 and 2007, and that (is why) the fund had decided to buy shares in the company,” he said.

 

This article first appeared in The Edge Financial Daily, on May 19, 2015.

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