Why did TH repurchase assets below their 2018 sale price?

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Tabung Haji Repurchased Assets Below 2018 Sale Price Due to Initial Overvaluation

Tabung Haji (TH) repurchased two assets, the Tun Razak Exchange (TRX) land and UJ Estates, at prices lower than their original transfer values in 2018. The TRX land was bought back for RM270 million, down from RM400 million, and UJ Estates for RM695 million, down from RM800 million. These buybacks occurred despite the TRX land becoming a developed district and the plantation's income recovering, suggesting the initial valuations were inflated.
TRX Land and UJ Estates Bought Back at Lower Valuations

The factual figures of the asset repurchases reveal a significant discrepancy from their 2018 sale prices. TH acquired the TRX land for RM270 million, a substantial reduction from the RM400 million premium value it was transferred to Urusharta Jamaah Sdn Bhd (UJSB) for in 2018. Similarly, UJ Estates was repurchased for RM695 million, which is below the RM800 million valuation it held when sold to UJSB.
Initial Transfer Aimed to Absorb Underperforming Assets

The 2018 transfer of assets to UJSB was part of a restructuring exercise to address TH's financial gap between assets and liabilities. UJSB was established to take over TH's underperforming or non-core assets, which had often been acquired at inflated valuations by TH's management prior to 2018. The aim was to rehabilitate these assets over a ten-year period.
Recovered Assets Still Reacquired Below Original Price

The repurchase of the TRX land and UJ Estates at prices lower than their 2018 sale values, even after their performance recovery and TRX's development, strongly indicates that these assets were initially overvalued. This pattern suggests that the remaining assets still held within UJSB, which have not been repurchased, were likely overvalued to an even greater extent.

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Why did TH repurchase assets below their 2018 sale price?

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