How do the buyback prices compare to original asset valuations?

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Tabung Haji's Asset Buybacks Indicate Lower Repurchase Prices Than Original Transfer Valuations

Lembaga Tabung Haji (TH) has reacquired two assets, a parcel of land at the Tun Razak Exchange (TRX) and the UJ Estates (Holdings) oil palm plantation, with repurchase prices lower than their original transfer values to Urusharta Jamaah Sdn Bhd (UJSB) in 2018. Specifically, the TRX land was bought back for RM270 million, a decrease from the RM400 million premium value it was sold for in 2018. Similarly, UJ Estates was repurchased at RM695 million, below its 2018 sale value of RM800 million.
TRX Land Repurchased Below 2018 Transfer Value

TH has bought back the land parcel at the Tun Razak Exchange for RM270 million. This represents a reduction from the RM400 million premium value at which the asset was transferred into UJSB in 2018. The original acquisition cost for this TRX land by TH was RM188.5 million in 2015, purchased from 1Malaysia Development Berhad (1MDB).
UJ Estates Buyback Price Also Lower Than 2018 Valuation

The oil palm plantation, now known as UJ Estates (Holdings), has also been reacquired by TH. The repurchase price for this asset was RM695 million. This figure is less than the RM800 million valuation it held when it was sold into UJSB in 2018.
Consistent Pattern of Lower Repurchase Prices

Across both reacquired assets, the buyback prices set by TH are notably lower than the values at which these assets were originally transferred to UJSB. This trend is observed even as the TRX district has become a highly developed area and the plantation is reported to have stabilised its cash flow and income. The fact that these recovered assets are repurchased at a discount to their 2018 transfer prices suggests a potential overvaluation of assets when they were initially moved to UJSB.

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How do the buyback prices compare to original asset valuations?

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