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Malaysia’s LBS Bina redeems portion of tranche 5 sukuk due 2016
By Marisa Wong
Madison, Wis., Sept. 26 – LBS Bina Group Bhd. said it redeemed and canceled RM 10 million of its tranche 5 sukuk on Friday.
The securities due Dec. 1, 2016 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 all RM 35 million of its tranche 1 sukuk due July 23, 2014, all RM 40 million of its tranche 2 sukuk due July 23, 2015, all RM 20 million of its tranche 3 sukuk due July 17, 2013 and all RM 20 million tranche 4 sukuk due July 15, 2013 between August 2012 and March 2014.
The company said the latest partial redemption of tranche 5 sukuk was 797 days ahead of the maturity date and contributed to a cost savings of RM 1.1 million.
LBS Bina’s board of directors said 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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