SPV under MoF to take over RM19.9bil underperforming assets from Tabung Haji
The Star
2018-12-11
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Tabung Haji chief executive officer and managing director Datuk Seri Zukri Samat said on Tuesday that a Special Purpose Vehicle (SPV) under the Finance Ministry will take over an estimated RM19.9bil worth of Tabung Haji's (TH) underperforming assets.
He said that in return, "the SPV will issue RM10bil sukuk and RM9.9bil of Islamic Redeemable Convertible Preference Shares".
The pilgrimage savings fund has been rocked by revelations following the release of a report by Minister in the Prime Minister's Department Datuk Seri Dr Mujahid Yusof Rawa, who highlighted illegal dividend distributions since 2014, and assets shrinkage of 4.1bil ringgit.
Read more at https://www.thestar.com.my/news/nation/2018/12/11/spv-under-mof-to-take-over-rm19_9bil-underperforming-assets-from-tabung-haji/
He said that in return, "the SPV will issue RM10bil sukuk and RM9.9bil of Islamic Redeemable Convertible Preference Shares".
The pilgrimage savings fund has been rocked by revelations following the release of a report by Minister in the Prime Minister's Department Datuk Seri Dr Mujahid Yusof Rawa, who highlighted illegal dividend distributions since 2014, and assets shrinkage of 4.1bil ringgit.
Read more at https://www.thestar.com.my/news/nation/2018/12/11/spv-under-mof-to-take-over-rm19_9bil-underperforming-assets-from-tabung-haji/
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