The government will bear a RM10.3 billion premium to ensure the financial health of Lembaga Tabung Haji is restored as part of the rescue and restructuring plan of the pilgrimage fund, Urusharta Jamaah Sdn Bhd announced today.
The transfer was done from Tabung Haji to Urusharta in exchange for RM19.90 billion, consisting of two tranches of sukuk totalling RM19.60 billion, namely RM10 billion of seven-year sukuk and RM9.9 billion of Islamic redeemable convertible preference shares as well as RM300 million in cash payable to the pilgrimage fund.
UJSB pointed out that in the event the value of the assets depreciates further, the losses shouldered by the government will be higher than RM10.3 billion. Urusharta then purchased the TRX land from Tabung Haji at RM400 million or RM5,856 psf, which does not reflect the actual market value of the said land. The purchase consideration was done at a significant premium to what Tabung Haji paid in April 2015 , it explained.
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