Under fire, Tabung Haji says received RM1.06b from oil and gas investments

February 25, 2017

Stop. Picking. On. TH.

Dateline 2017-01-26, Malay Mail Online:

Pilgrimage fund Lembaga Tabung Haji (TH) said today it recorded a RM1.06 billion cumulative revenue from all its investments in the oil and gas sector, amid claims that it may have lost RM700 million from the move.

TH said its diversified investments in various sectors have enabled it to cover the increasing costs of Haj operations and subsidy for Malaysian pilgrims every year since 2000, which is expected to rise to around RM200 million this year.

“TH is a long term investor in the oil and gas industry. TH first made investment in this sector in 2001 and has recorded a respectable cumulative RM1.06 billion income from all our investments therein,” TH said in a statement here.

The company however did not specify the amount of profit from its investments into the industry.

Tabung Haji slams attempt to link THHE financial performance to MACC arrest

December 24, 2016

Dateline 2016-11-18, NST:

Lembaga Tabung Haji (TH) has reiterated that it will not compromise on corruption, misappropriation and abuse of power.

Such matters, said TH, are viewed seriously, with the company constantly taking steps to enhance its corporate governance and good business practices measures in its operations.

Should such issues arise, TH will extend its fullest cooperation to the relevant authorities, it said.

“On the matter of the allegation linking business challenges faced by TH Heavy Engineering (THHE) to the recent arrest of the former CEO of the company, we believe this is clearly misleading and an attempt to confuse the public,” it said in a statement today.

Tabung Haji’s oil and gas woes

December 2, 2016

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%.


McDermott, TH Heavy Engineering dissolve partnership

November 15, 2016

Dateline 2016-09-27, OE Digital:

Houston-based McDermott International and Malaysian fabrication firm TH Heavy Engineering (THHE) will end their Malaysian joint ventures Berlian McDermott (BMD) and THHE Fabricators (THF), the pair announced on Friday (23 September), citing local market conditions.

The proposal will see both THHE and McDermott trade interests in the joint ventures to the other. For example, THHE will transfer its 30% interest in BMD to McDermott, while McDermott will transfer its 30% stake in THF to THHE. Each transfer was valued at US$17.33 million (MYR 71.73 million).


Malaysia’s THHE Not Given More Time from JX Nippon to Complete Layang FPSO

June 26, 2016

Man, can you feel the hate to THHE? Though, in this case the hate seems to be in the article title, not the actual article itself.

Dateline 2016-06-01, Rigzone:

TH Heavy Engineering Berhad, an offshore oil and gas facilities fabricator, clarified Tuesday that the firm is not aware of the one year extension given by Japan’s JX Nippon Oil & Gas Exploration (Malaysia) Ltd. to complete the floating, production storage and offloading (FPSO) unit for the Layang field in Block SK10 offshore Sarawak, Malaysia as reported May 28 by a local media, it said in a filing on Bursa Malaysia.

PKR reveals more losses for Tabung Haji in deal with oil and gas company

June 21, 2015

I suggest you investigate (and invest) in THHE. The share prices will awake, same time as The Force. Really.

Dateline 2015-05-18, TMI:

Lembaga Tabung Haji has also incurred millions of ringgit in losses from another investment with an oil and gas company, PKR said today, even before questions about the pilgrims’ fund’s purchase of land from debt-ridden 1Malaysia Development Bhd (1MDB).

Tabung Haji’s purchase of shares from oil and gas support services counter Ramunia Holdings Bhd, resulting in losses based on the current price of its shares, had gone unnoticed, PKR lawmaker Rafizi Ramli (pic, right) said today when debating the Capital Markets and Services (Amendment) Bill 2015 in the Dewan Rakyat.

The Pandan MP said that in 2007, Tabung Haji had progressively bought shares in Ramunia Holdings, and by the end of 2008 held 25% of the company’s shares, which it purchased for between RM1 and RM1.40 per share.
In June 2012, the company was renamed TH Heavy Engineering to reflect the fund’s interest in the company.
Currently, the shares are trading at 30 sen per share, Rafizi said, which meant that Tabung Haji had incurred losses worth millions of ringgit from this one investment alone.



View from Hess

July 18, 2010

Here’s a view from the food court which is at the same level as Hess’ offices in Menara Tan & Tan (8th floorish). I think there’s a putting green just outside the camera frame…

View from Hess' Floor