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

By Marisa Wong

Madison, Wis., Feb. 26 - LBS Bina Group Bhd. said it redeemed and cancelled the remaining RM 15 million of its tranche 1 sukuk on Tuesday.

The securities, due July 23, 2014, were issued under the company's RM 135 million Islamic commercial paper/Islamic medium-term note program guaranteed by Danajamin Nasional Bhd.

Previously, the company redeemed RM 15 million of the tranche 1 sukuk in October and RM 5 million of the tranche 1 sukuk in December.

The company had also redeemed all RM 20 million of its tranche 3 sukuk due July 17, 2013 in October and, before that, its RM 20 million tranche 4 sukuk due July 15, 2013 in August.

The company said that the latest partial redemption of the tranche 1 sukuk was 512 days ahead of the maturity date and contributed to a cost savings of RM 903,000.

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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