How much did TH pay to reacquire the TRX land from UJSB?

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Tabung Haji Reacquired TRX Land for RM270 Million

Tabung Haji (TH) paid RM270 million to reacquire the land parcel at the Tun Razak Exchange (TRX) from Urusharta Jamaah Sdn Bhd (UJSB). This buyback price was lower than the RM400 million premium value at which the land was originally transferred to UJSB in 2018. TH had initially purchased the TRX land from 1Malaysia Development Berhad (1MDB) in 2015 for RM188.5 million.
Buyback Price Below Original Transfer Value

The repurchase of the TRX land by TH for RM270 million is notable because it is less than the RM400 million valuation it held when transferred to UJSB in 2018. This occurred despite the TRX district becoming one of Kuala Lumpur's most active development areas in the intervening years.
Context of the 2018 Transfer

The transfer of assets to UJSB in 2018 was part of a restructuring exercise to address a gap between TH's assets and liabilities that emerged in 2017. UJSB, a special purpose vehicle set up under the Minister of Finance (Incorporated), took over TH’s underperforming and non-core assets. This move was intended to maintain TH's solvency and enable continued dividend payouts, with UJSB tasked with rehabilitating these assets over a ten-year period.
Implications of Buyback Figures

The fact that TH repurchased the TRX land, and another asset known as UJ Estates, at prices below their 2018 transfer values suggests that the assets transferred to UJSB may have been overvalued at the time of the original transaction. The performance of these two assets, which had visibly recovered, indicates that any remaining assets within UJSB that have not been reacquired might have been compromised from an earlier stage.

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How much did TH pay to reacquire the TRX land from UJSB?

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