KUALA LUMPUR (May 18): Lembaga Tabung Haji's (Pilgrim Fund Board of Malaysia) 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

PKR vice-president Rafizi said in Parliament today, "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.

At 3:16pm today, TH Heavy shares fell 0.5 sen or 2% to 29.5 sen, for a market capitalisation of RM330.7 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.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)