Malaysia's SPV to buy underperforming Tabung Haji assets

KUALA LUMPUR (Dec 5): Beset with problems, the new team at Lembaga Tabung Haji has crafted a turnaround plan that is likely to involve a special purpose vehicle (SPV) taking over its underperforming assets at book value, sources say.

The move will enable Tabung Haji to close the gap between its assets and liabilities. Tabung Haji is believed to now have around 80 sen in assets for every ringgit of liabilities.