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Govt to bear RM10.3bil premium in LTH rescue and restructuring

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KUALA LUMPUR: The government will bear a 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.

UJSB, which is a wholly-owned unit of the Finance Ministry , completed the transfer of non-performing assets valued at RM9.63bil held by LTH in December last year, following financial mismanagement and wrongdoings by the previous management.

“The difference of RM10.3bil between the consideration of RM19.9bil and RM9.63bil market value of assets is to be borne by the government to ensure that the financial health of LTH is restored, ” UJSB said here yesterday. Explaining on the assets transferred, UJSB said it consisted a mixture of listed equity holdings, properties and one unlisted plantation asset. The property assets transferred to UJSB include a 0.63ha of land at the Tun Razak Exchange .

The purchase consideration was done at a significant premium to what LTH paid in April 2015 , it explained.

 

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