Malaysia's LBS Bina Group redeems portion of tranche 1 sukuk

By Marisa Wong

Madison, Wis., Dec. 20 - LBS Bina Group Bhd. said it redeemed and cancelled RM 5 million of its tranche 1 sukuk on Dec. 20, leaving RM 15 million outstanding.

The securities were issued under the company's RM 135 million Islamic commercial paper/Islamic medium-term note program guaranteed by Danajamin Nasional Bhd.

The company previously redeemed a RM 15 million portion of its tranche 1 sukuk due July 23, 2014 and all RM 20 million of its tranche 3 sukuk due July 17, 2013. Those bonds were redeemed and canceled in October.

Before that, the company redeemed its RM 20 million tranche 4 sukuk. That tranche was canceled in August.

The company said that the partial redemption of the tranche 1 sukuk was 580 days ahead of the maturity date and contributed to a cost savings of RM 333,000.

LBS Bina's board of directors said that the early redemption was in the best interest of the group.

The investment holding company is based in Petaling Jaya, Selangor Darul Ehsan, Malaysia.

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