Malaysia's LBS Bina redeems all RM 20 million of tranche 4 sukuk

By Marisa Wong

Madison, Wis., Aug. 1 - LBS Bina Group Bhd. said it redeemed and cancelled all RM 20 million of its tranche 4 sukuk on Aug. 1.

The tranche 4 sukuk was issued under the company's RM 135 million Islamic commercial paper/Islamic medium-term note program guaranteed by Danajamin Nasional Bhd.

According to a company announcement, the redemption was 348 days ahead of the maturity date, July 15, 2013, and contributed to a cost savings of about RM 860,000.

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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