Lembaga Tabung Haji (TH) refers to the raised issue regarding Abraj Sdn Bhd on social media today and would like to make the following explanation:-
- Abraj is a 50:50 joint venture company established in November 2009 as part of a real estate investment. This joint venture company owns three office buildings in Cyberjaya, Selangor.
- At the beginning of its establishment, Abraj has displayed good financial performance and has distributed dividends to its shareholders resulting from all its fully rented building spaces.
- Abraj's financial position has been affected beginning 2015 and it has not been able to generate enough income to serve its bank financing. This is due to one of the main tenants moving to another property causing one building to be vacant to this day. It has caused TH to incur an investment impairment loss of RM40.25 million in 2019.
- TH has decided to sell the company for RM96 million. The buyer will pay RM100,000 in cash and take over the company's liabilities including bank financing repayment amounting to RM192 million.