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TH Denies Buying Signature Tower At TRX

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KUALA LUMPUR – Lembaga Tabung Haji (TH) has denied purchasing the Signature Tower (Phase 2) within the upcoming Tun Razak Exchange (TRX) financial district, as reported in a blog.

Leakages of proposal papers are not proof of approved investment  decisions, said Deputy Group Managing Director and Chief Executive Officer, Datuk Johan Abdullah in a statement here.

In the same statement, however, Johan clarified that TH had an investment in land for the development of a residential tower (property) within the TRX.

This, he said, was in line with TH’s property investment strategy which is to focus on the domestic sector.

“The investment is a commercial decision which fits our risk appetite and has gone through all internal due processes accordingly.

“The purchase price of the property at RM188.5 million was at a discount to the current market value as appraised by an independent professional valuer,” Johan added.

The proposed residential building will be developed by TH’s subsidiary, TH Properties Sdn Bhd, which is expected to contribute positively to the Group’s future earnings.

Johan said TH would continue to explore investment opportunities in the domestic market as guided by its Strategic Asset Allocation framework. – BERNAMA

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