Cover Story: The 30 biggest stocks sold to UJSB and how they are doing now
Thirteen of 106 stocks transferred to URUSHARTA Jamaah Sdn Bhd (UJSB) now trade above the price paid in 2018, leaving 93 underwater as the government-linked SPV prepares to exit.
Source: The Edge Malaysia · August 29, 2026 at 2:01 AM · AI-assisted report
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KUALA LUMPUR, PULAU INDAH, 29 AUGUST 2026 —
Thirteen of 106 stocks transferred to URUSHARTA Jamaah Sdn Bhd (UJSB) now trade above the price paid in 2018, leaving 93 underwater as the government-linked SPV prepares to exit.
Market Impact
Telekom Malaysia Bhd, MISC Bhd and SD Guthrie Bhd are the exceptions, each above the transferred price. Telekom Malaysia closed at RM5.48 on Wednesday, above the RM4.80 per share UJSB paid. MISC last traded at RM8.10, higher than the RM7.427 UJSB paid. SD Guthrie closed at RM4.58, above the RM3.35 UJSB paid.
URUSHARTA Jamaah Sdn Bhd paid RM9.38 billion in 2018 to take over Lembaga Tabung Haji’s 106 Bursa Malaysia-listed equity stakes. The transfer covered stakes in Axiata Group Bhd, FGV Holdings Bhd, Malakoff Bhd, Maxis Bhd, IJM Corp Bhd and UEM Sunrise Bhd, which together carried transfer values above RM600 million each.
Axiata Group Bhd tops the list by transfer value. URUSHARTA paid RM1.42 billion for 237 million shares at RM6 each; they closed at RM1.82 on Wednesday, giving the SPV a paper loss of RM990 million if held passively. FGV Holdings Bhd was transferred at RM1.31 billion for 283.7 million shares at RM4.62, a RM1.1 billion premium to market.
Felda took FGV private in 2025 at RM1.30 per share, valuing the block at RM368.81 million and locking in a RM942 million loss. FGV’s IPO price was RM4.55.
Malakoff Bhd was transferred at more than RM600 million. URUSHARTA held 327.66 million shares on Feb 20. The power producer was relisted at RM1.80 in 2015 with Tabung Haji as a cornerstone investor, but high borrowings—net gearing of 1.3 times—and plant closures have constrained dividend payments.
Thirty-nine of the 106 counters changed hands at premiums above 200%. Nineteen went for more than 500%, and six topped 1,000%, including TH Heavy Engineering Bhd (THHE) and its irredeemable convertible preference shares, Scomi Energy Services Bhd, Icon Offshore Bhd (now Lianson Fleet Group Bhd), YLI Holdings Bhd and Alam Maritim Resources Bhd.
THHE, once Tabung Haji’s flagship oil and gas fabricator, was blacklisted by Petroliam Nasional Bhd from April 2016 to January 2020 over the Kinabalu Non-Associated Gas project. Tabung Haji’s 64.45% stake—built via 334.16 million shares and RM1.097 billion in ICPS—was transferred to URUSHARTA after conversion.
URUSHARTA paid RM212.66 million for Sapura Energy Bhd (now Vantris Energy Bhd), a 509% premium to the RM34.92 million market value at the time. After a RM1.1 billion government recapitalisation and debt restructuring, Vantris exited Practice Note 17 only two months ago.
Scomi Energy Services searched for a white knight while diversifying into construction, but neither proposal produced a viable turnaround. Reach Energy, a special purpose acquisition company, acquired an oil-producing asset in Kazakhstan; sanctions-linked disruptions and accumulated losses led to its delisting in April 2025 after Bursa rejected a further extension of its regularisation plan.
Brahim’s Holdings Bhd and Ikhmas Jaya Group Bhd (later renamed Top Builders Capital Bhd) were also delisted due to financial distress unrelated to energy prices.
Maxis Bhd, IJM Corp Bhd and UEM Sunrise Bhd round out the top five by transfer value. All five, together with Axiata and FGV, declared regular dividends that partly offset mark-to-market losses.
URUSHARTA’s rescue absorbed Tabung Haji’s non-performing assets and left the pilgrim fund on a clean slate. The government must now ensure the SPV itself does not become the next problem.
Related: Bursa Malaysia