TH no longer substantial shareholder in two more companies


TH group managing director and CEO Datuk Seri Zukri Samat(pic) has said that properties with yields of less than 2% and equities with impairments exceeding 20% would be acquired by the SPV at book value

PETALING JAYA: Lembaga Tabung Haji (TH) has ceased to be a substantial shareholder of offshore support vessel company Alam Maritim Resources Bhd and ceramic tile manufacturer White Horse Bhd.

Special-purpose vehicle (SPV) Urusharta Jamaah Sdn Bhd has taken over TH’s position in the companies.

This is as part of the pilgrim fund’s restructuring exercise, which seeks to transfer underperforming equities and assets to the SPV, which is under the purview of the Finance Ministry.

According to a Bursa Malaysia filing yesterday, a total of 91.97 million shares owned by TH in Alam Maritim were transferred to Urusharta Jamaah, representing a 9.9% stake. As for White Horse, some 22.47 million shares or a 9.83% equity owned by TH was transferred to Urusharta Jamaah.

On Monday, TH also ceased to be a substantial shareholder in engineering and construction services provider Eversendai Corp Bhd, via the transfer of 40.29 million shares to Urusharta Jamaah.

Last month, TH had announced that it would be transferring some RM19.9bil worth of underperforming assets to the SPV in a move to ease its balance sheet and rehabilitate the assets.

TH group managing director and CEO Datuk Seri Zukri Samat has said that properties with yields of less than 2% and equities with impairments exceeding 20% would be acquired by the SPV at book value.

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