PART 1: DON’T FOLLOW PEOPLE. FOLLOW THE PAPER.
Don’t follow what people say. Don’t follow politicians. And definitely don’t follow billionaires just because they sound convincing.
Follow the paper: Because paper has one very interesting habit: it remembers.
And when you start putting the pieces together in the Tabung Haji story, one name quietly keeps appearing in the background: Cahya Mata Sarawak Berhad, or CMSB.
Today, Tabung Haji holds about 53.57 million CMSB shares directly, representing 4.987%.
But that wasn’t always the number.
Previously, TH held about 70.39 million shares, or 6.55%%. Then, sometime in early 2026, roughly 8.6 million shares were sold through the open market.
8.6 million shares. Sold. Now, what the hell happened?
Maybe it was simply portfolio rebalancing. Maybe there was a perfectly reasonable commercial explanation.
Fine then tell us why.
Because before we ask why TH is selling CMS today, perhaps we should ask the bigger question: Why did TH want such a large position in CMS in the first place?
THE MAYBANK ROAD, This is where things get interesting.
Historical research from Maybank Investment Bank presented CMS as a potentially attractive long-term infrastructure play.
The thesis was fairly simple. Sarawak was expected to see major infrastructure development, while CMS had exposure to cement, construction materials, road maintenance and other related businesses.
There was also the expectation that some of its weaker businesses could eventually recover.
On paper, it looked good. Infrastructure growth. Market position. Recovery potential. Long-term value.
Sounds like a winner, right? But here’s the problem with an investment thesis:
It is a thesis. Not a guarantee.
Research reports can explain why a company could become more valuable. They cannot guarantee that it will.
And when the money belongs to ordinary Malaysians saving for their pilgrimage, the question inside the investment committee should never be only:
“How much can we make?”
It should also be:
“How much can we lose?” What happens if the turnaround fails? What if the valuation collapses? What if the infrastructure boom doesn’t deliver what everyone expected? And most importantly: what happens to the depositors?
As the Malay saying goes, sesal dahulu pendapatan, sesal kemudian tidak berguna.
Regret before the decision is wisdom.
Regret after billions have been lost?
That’s a completely different story.
THEN CAME 2018: Now we get to the RM19.9 billion restructuring.
In December 2018, around 52.0029 million CMSB shares, equivalent to 4.84%, were held by Urusharta Jamaah Sdn Bhd, or UJSB — the special-purpose vehicle established under the Ministry of Finance as part of the Tabung Haji restructuring.
The restructuring was meant to address TH’s deteriorating asset position and strengthen its finances. Perhaps it had to be done. Perhaps there was no better option.
But whenever billions of ringgit worth of assets are moved around, I think Malaysians have every right to ask:
Where did the assets go? Why were they transferred? At what valuation? Who valued them? Who approved the transaction? And under what circumstances could those assets come back?
These are not hostile questions. They are basic questions.
It’s public interest, It’s accountability and this is where I get slightly uncomfortable whenever someone tells journalists that something is simply “too complicated”.
Come on… We are talking about billions… If it is complicated, explain it.
Don’t hide behind the word “complicated”. Sometimes complicated is genuinely complicated.
And sometimes, rumit is just another word for “please stop asking questions.”
FOLLOW THE PAPER
I’m not going to pretend I know everything. I’m still a young journalist. I’m still learning the difference between a balance sheet and a balance sheet that gives you a headache.
But I’ve learned one thing:
When someone tells you a financial transaction is too complicated, ask more questions.
Not fewer like TH invested heavily in CMS.
Maybank’s research highlighted the infrastructure story and recovery potential then came the 2018 restructuring.
Some CMS shares ended up under UJSB and today, TH still holds a sizeable direct position.
And in 2026, TH started selling part of it and… So here are my questions:
Who approved the original investment? What valuation was used? What assumptions were made? What risks were identified? And what did the investment committee actually know at the time?
Maybe there are very good answers and if there are, show us!
Because journalism is not about screaming “Guilty!” before the evidence is complete.
It is about saying:“Show me the documents.”
That is where Part One ends.
Because once you understand where the CMS shares came from, another question becomes even more interesting:
When do the assets come home?And if it has taken almost eight years for parts of the restructuring story to unfold...
how long will CMS take?
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