Lembaga Tabung Haji

Former CIMB Islamic’s Badlisyah is now deputy CEO of Tabung Haji

Badlisyah Abdul Ghani, the former CEO of CIMB Islamic Bank, has been appointed deputy CEO of pilgrim fund Lembaga Tabung Haji. Badlisyah gained fame when he disputed the authenticity of banking documents released by The Wall Street Journal relating to 1Malaysia Development, which touched on US$700 million being transferred to Prime Minister Datuk Seri Najib Razak’s personal accounts. While an internal inquiry was ongoing at CIMB, Badlisyah resigned in mid-August last year. It is not clear how Badlisyah is already stated on the company website as deputy CEO, when no formal announcement has been made in this respect.

Tabung Haji said to offer US$290 mil London office for sale

#Malaysian fund Lembaga Tabung Haji has hired broker Savills to find a buyer for its London office building at 10 Queen Street Place. The building was purchased by Tabung Haji in 2012 for £165 mn and is now expected to sell for about £200 million. Malaysia’s state investment funds have been selling UK real estate as the government called on them to help the country’s stock and currency markets.

TH Plantations issues RM1bil sukuk to Tabung Haji

TH Plantations Bhd has issued RM1bil of sukuk murabahah to parent company Lembaga Tabung Haji (LTH) to raise funds for its subsidiaries to repay their bridging loans. The RM1bil sukuk is part of the sukuk murabahah programme of up to RM1.2bil in nominal value set up by its unit, THP Suria Mekar Sdn Bhd, with LTH. RHB Investment Bank Bhd has been appointed as the principal adviser, lead arranger, facility agent and lead manager for the sukuk programme. In separate announcements, TH Plantations said it had appointed as directors LTH deputy group managing director and chief executive officer Datuk Johan Abdullah, Datuk Md Yusop Omar and Datuk Shari Osman.

MALAYSIA-PRESS-BIMB to wrap up Bank Islam deal by year-end-The Sun

BIMB Holdings yesterday received shareholders' nod to buy the remaining 49% stake it does not own in Bank Islam Malaysia Bhd from Dubai Financial Group (DFG) and Lembaga Tabung Haji (LTH). The acquisition is expected to be accretive to the group's earnings by another 5% from the financial year ending Dec 31, 2014 (FY14). With BIMB's current 51% controlling stake in Bank Islam, the Islamic banking unit is already contributing 85% to the group's revenue and earnings. BIMB shareholders also gave the green light to BIMB to raise up to RM3 billion through a combination of a rights issue and a sukuk to part-finance the acquisition. Besides, BIMB might reportedly acquire stake in Bank Muamalat Malaysia from state investment fund Khazanah Nasional and conglomerate DRB-Hicom.

BIMB set to own 100% of Bank Islam

BIMB Holdings Bhd is likely to conclude the purchase of the 18.5% stake held by Lembaga Tabung Haji (LTH) in Bank Islam Malaysia Bhd by the end of the month. BIMB owns 51% of Bank Islam, while the remaining 30.5% stake is held by Dubai Financial Group (DFG). LTH, meanwhile, is the ultimate holding company of both BIMB and Bank Islam. Apart from its direct interest in Bank Islam, the pilgrim fund also owns a 51.5% stake in BIMB. There were reportedly no problems in the talks between BIMB and LTH, with pricing done at arm’s length on market benchmarks and in the best interest of the shareholders. The two block of shares are likely to be valued between 1.6 times and 1.8 times price-to-book value. If both talks with DFG and LTH were successful, then BIMB would fully own Bank Islam. An announcement on both stake sales is expectyed to be made by end-July.

Bank Negara extends deadline over Bank Islam deal to end-July

Bank Negara Malaysia (BNM) has extended the deadline for the negotiations among BIMB Holdings Bhd, Dubai Financial Group LLC and Lembaga Tabung Haji (LTH) over the Bank Islam Malaysia Bhd stake to July 31. Following the extensión of the deadline, a formal approval shall be sought for the proposed acquisition as mutually agreed among the parties. BIMB already owns 51% in Bank Islam. A 30.5% stake is with the Dubai Financial Group (DFG) while 18.5% is held by Lembaga Tabung Haji (LTH). BIMB is seeking to purchase LTH's stake in Bank Islam. LTH also owns a 51.5% stake in BIMB. BIMB may have to fork out RM2.7bil to own 100% of its unlisted banking unit Bank Islam.

Malaysia's BIMB starts talks with Tabung Haji for Bank Islam stake

Malaysia's BIMB Holdings Bhd has received approval from the country's central bank to begin talks with Lembaga Tabung Haji for the latter's 18.5 percent stake in Bank Islam, the country's oldest Islamic bank. BIMB, which presently owns 51 percent of Bank Islam, is also in the process of acquiring the 30.5 percent stake held by Dubai Financial Group. If it acquires both stakes, BIMB will control 100 percent of Bank Islam. Negotiations between BIMB and Lembaga Tabung Haji will be completed by the end of the year. BIMB's chief executive officer Johan Abdullah told reporters in May that the valuation of the Dubai stake was already determined, although a complete proposal had not been filed and the amount has not been disclosed.

GI-TH roll out RM150m Shariah-compliant fund

Guidance Investments (GI) has launched a RM150 million Shariah-compliant investment fund for equipment leasing for the Saudi Arabian market in partnership with Lembaga Tabung Haji (TH). This Tabung Haji acted as the capital provider, while the US-based ATEL Capital Group, the equipment leasing company is to provide the machineries for the Saudi market. TH CIO Abd Kadir Sahlan said that his company has committed a total of RM150 million in the private equity fund in support of ATEL in this venture. The funds will be disbursed in phases over the next two to three years, depending on the deployment of the portfolio in the Saudi market. At the same time, Guidance Investments has formally launched its operations in Malaysia with the opening of its headquarters in Kuala Lumpur.

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