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Tuesday, January 24, 2017

Rafizi: Why didn't Tabung Haji sell off Perisai shares earlier?



PKR lawmaker Rafizi Ramli wants to know why pilgrims fund board Lembaga Tabung Haji did not dispose its shares in upstream oil and gas provider Perisai Petroleum Teknologi Berhad (Perisai) earlier.
Rafizi, in a press conference in Kuala Lumpur today, said Tabung Haji should not have waited to dispose the shares, based on Perisai’s share prices which had continued to plummet since early 2015.
Tabung Haji had started accumulating the shares in Perisai between October 2014 and December the same year at an average of 83 sen per share.
Rafizi claimed that Tabung Haji, on December 28 last year, had sold 8.8 million of its shares in Perisai before further getting rid of 10.3 million shares in the company a day later.
But by this time, the shares disposed were around 5 sen per share, which meant that Tabung Haji incurred losses of 78 sen per share or RM15 million.
Rafizi said Tabung Haji had only started selling most of its shares after Perisai faced various financial problems.
Citing news reports in relation to Perisai, Rafizi said its bondholders had reportedly rejected Perisai’s application to defer paying its debts of RM377 million.
Perisai was then classified as a Practice Note 17 (PN 17) company. Although listed with Bursa Malaysia, PN17 companies normally are those facing financial distress.
Companies under this category need to submit their proposal to the approving authority to restructure and revive the company in order to maintain the listing status.
Meanwhile, Rafizi believed that the fund's balance of some 60 million Perisai shares had most probably been disposed of, without this being informed to Bursa Kuala Lumpur.
“At 5 sen per share, the losses which were not reported were around RM47 million.
“So from this investment alone, Tabung Haji had lost RM64 million from the initial investment of RM66.3 million,” said Rafizi, citing current share prices.
The huge amount, said Rafizi, could have been used to lessen the costs of performing haj for the poor or be returned in the form of higher dividends to depositors, Rafizi argued.

“Why didn’t Tabung Haji take precautions to dispose the shares in Perisai earlier especially since the share prices had already plummeted when they were bought then, due to the recession in the oil and gas sector?” Rafizi queried.
Rafizi, who last week vowed to come out with more exposes related to Tabung Haji, promised that more would be exposed in his coming press conferences.
The Pandan MP had decided to expose more on Tabung Haji after Minister in the Prime Minister’s Department in charge of Islamic affairs Jamil Khir Baharom insinuated that Rafizi was behind a “slanderous campaign” against Tabung Haji which had purportedly led to funds of RM500 million being withdrawn from the pilgrims fund board.- Mkini

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