Don’t know about you, but I’m not taking my money out of Tabung Haji.
Dateline 2016-10-25, The Edge:
LEMBAGA Tabung Haji does not seem to have had much luck in investing in the oil and gas sector. The pilgrim fund is probably among the biggest victims of the beleaguered O&G outfit Perisai Petroleum Teknologi Bhd.
Bluntly put, Perisai is just one of Tabung Haji’s many failed investments in the sector, which is experiencing a severe downturn.
On Oct 4, Tabung Haji sold 1.75 million Perisai shares, trimming its equity interest to 76.43 million shares or 6.06%.
That day, Perisai’s share price traded between 8.5 sen and 10 sen, which means at the higher end, the pilgrim fund would have got a mere RM175,000 from the share sale.
Ironically, prior to the sale of the 1.75 million shares, Tabung Haji’s last transaction in Perisai shares was almost exactly a year ago — on Oct 7, 2015 — when it sold 600,000 shares. The pilgrim fund’s investment loss would not have been as bad if it had sold more shares then.
To recap, Tabung Haji surfaced as a substantial shareholder in Perisai on Dec 23, 2014, after it bought 1.2 million shares, bumping up its holding to 79.88 million shares or 6.7%.