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Malaysia’s LBS Bina redeems remaining tranche 5 sukuk due 2016
By Marisa Wong
Madison, Wis., Feb. 13 – LBS Bina Group Bhd. said it redeemed and canceled the remaining RM 10 million of its tranche 5 sukuk on Thursday.
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, all RM 20 million tranche 4 sukuk due July 15, 2013 between August 2012 and March 2014 and a portion of its tranche 5 sukuk on Sept. 26.
The company said the early redemptions have contributed to an interest cost savings of RM 9 million.
The investment holding company is based in Petaling Jaya, Selangor Darul Ehsan, Malaysia.
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