KUALA LUMPUR (Bernama): The government will bear RM10.3bil premium to ensure the financial health of Lembaga Tabung Haji (LTH) is restored as part of the rescue and restructuring plan of the pilgrimage fund, Urusharta Jamaah Sdn Bhd (UJSB) announced Thursday (Nov 14). Explaining on the assets transferred, UJSB said it consist of a mixture of listed equity holdings, properties and one unlisted plantation asset. UJSB then purchased the TRX land from LTH at RM400mil or RM5,856 psf, which does not reflect the actual market value of the said land. In a recent valuation exercise conducted in March 2019, the market value of the said TRX land stood at only RM205mil. The TRX land transaction itself will result in an impairment charge of RM195mill.

Source: The Star November 14, 2019 03:36 UTC