Urusharta settles RM12.5bil sukuk owed to Tabung Haji

Urusharta Jamaah Sdn Bhd has settled the RM12.5 billion sukuk owed to Tabung Haji upon its maturity, completing a key obligation under the pilgrimage fund’s 2018 restructuring plan.

The repayment was made through a new RM11.5 billion sukuk issuance and the transfer of two land parcels valued at RM965 million, including a site in the Tun Razak Exchange and estate land in Sarawak.

Tabung Haji chairman Tan Sri Abdul Rashid Hussain said the new 10-year sukuk, carrying a 3.825 per cent coupon rate, replaces the maturing instrument and remains supported by a government letter of financial support.

The settlement relates to one of two sukuk issued by Urusharta Jamaah as part of the 2018 restructuring, under which underperforming assets were transferred from Tabung Haji to the special purpose vehicle.

Abdul Rashid said the remaining RM14.35 billion sukuk due in 2029 remains unchanged and that the new arrangement was structured to protect the interests of Tabung Haji’s 9.7 million depositors.
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