4 Tabung Haji Hotels To Close After Govt Takeover

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Tabung Haji hotels in Kota Kinabalu, Penang, Alor Setar and Kuala Terengganu are to close in April.PETALING JAYA: Four hotels owned by the pilgrims board Tabung Haji are to be closed in April, according to a company circular posted by former prime minister Najib Razak
“Is Tabung Haji going bankrupt?,” Najib said in his posting. “TH Hotels were forced to close after being moved to an MOF-linked company.” The hotels are in Kota Kinabalu, Penang, Alor Setar and Kuala Terengganu
Najib posted images of a company circular signed by Zulkeffli Ahmad, group managing director of TH Hotel and Residence Sdn Bhd, which owns and operates the hotels
The closure comes in the wake of the hotels being taken over by the Finance Ministry as part of a restructuring of the pilgrims board
The hotels have been transferred to Urusharta Jamaah Sdn Bhd, a company owned by the Minister of Finance Incorporated
In the circular, Zulkeffli added that a staff separation scheme would be carried out by the hotel management
He also said the decision to cease operations was made following five town-hall sessions with THHR group management and the four hotel managements from Dec 6 to Dec 18
FMT is seeking confirmation of the closure from Tabung Haji management
Last November, Urusharta Jamaah said it had completed the transfer of Tabung Haji’s non-performing assets, amounting to RM9.63 billion in assets in exchange for two tranches of sukuk worth RM19.6 billion and RM300 million in cash
These assets are a mixture of listed equity holdings, properties, and one unlisted plantation asset
With the transfer of assets, UJSB said it would continue with its mandate to rehabilitate and restructure the assets, maximise asset recovery value and redeem all monetary instruments issued by UJSB and subscribed to by TH in a timely manner. - FMT

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