The pilgrimage fund said many of its investments have been made in strong and performing local bumiputra-owned companies which provided critical services to the national petroleum companies. This enabled Malaysia to reduce its reliance on foreign O&G companies.
“We see the sector as an industry of national strategic importance. Short or medium-term marked-to-market unrealised losses do not and will not change our appetite and our commitment in the said sector,” it said in a statement yesterday.
LTH issued the statement following “continued attacks on the organisation, which tend to highlight only the negative aspects of TH”
“We believe these attacks are politically motivated.
“LTH’s focus has always been to achieve the best in Haj management, business and investments in accordance with Islamic principles, in the best interests of our depositors,” it said.
LTH added that it will not allow the organisation to be “pushed” into a position of constantly defending itself from unwarranted attacks stemming from inaccurate desktop and superficial analysis.
The fund said it invests in accordance with the prescribed strategic asset allocation, namely, equity, fixed income, real property and money market/cash.
“As a fund with a long-term investment horizon, LTH aims for investment opportunities that can generate sustainable and recurring income with acceptable and appropriate risk tolerance and appetite, via our diversified investment portfolios.
“The proceeds of our diversified investments in various sectors have enabled us to cover the increasing costs of Haj operations, as well as continue to subsidise the cost of Haj for Malaysian pilgrims every year, which is expected to increase to approximately RM200mil this year (2017).”
In the O&G sector, LTH has a substantial stake in TH Heavy Engineering Bhd with 29.81%. Its other core investment is BIMB Holdings Bhd, which wholly owns Bank Islam (M) Bhd. (The Star)
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“LTH’s focus has always been to achieve the best in Haj management, business and investments in accordance with Islamic principles, in the best interests of our depositors,” it said.
LTH added that it will not allow the organisation to be “pushed” into a position of constantly defending itself from unwarranted attacks stemming from inaccurate desktop and superficial analysis.
The fund said it invests in accordance with the prescribed strategic asset allocation, namely, equity, fixed income, real property and money market/cash.
“As a fund with a long-term investment horizon, LTH aims for investment opportunities that can generate sustainable and recurring income with acceptable and appropriate risk tolerance and appetite, via our diversified investment portfolios.
“The proceeds of our diversified investments in various sectors have enabled us to cover the increasing costs of Haj operations, as well as continue to subsidise the cost of Haj for Malaysian pilgrims every year, which is expected to increase to approximately RM200mil this year (2017).”
In the O&G sector, LTH has a substantial stake in TH Heavy Engineering Bhd with 29.81%. Its other core investment is BIMB Holdings Bhd, which wholly owns Bank Islam (M) Bhd. (The Star)
Adv: Yuk, Belanja Online di POP Shop
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