Malaysia’ LBS Bina sets up RM 500 million sukuk issuance program

New York, Dec. 15 – LBS Bina Group Bhd. said that its subsidiary LBS Bina Holdings Sdn. Bhd. has established a RM 500 million program for the issuance of sukuk murabahah bonds, according to a filing with Bursa Malaysia.

Securities issued under the program will have a tenor of more than one year and up to 20 years.

They will be unrated, non-tradable and non-transferable.

Proceeds will be used to finance the future acquisition of properties, to finance the development costs of projects, to refinance borrowings and for working capital.

Public Investment Bank Bhd. is principal adviser and lead arranger for the program. Amanie Advisors Sdn. Bhd. is shariah adviser.

LBS Bina lodged the necessary documents with Securities Commission Malaysia on Friday. It already has an endorsement from the Shariah Advisory Council and no further approvals are required.

LBS Bina is a Petaling Jaya, Malaysia-based homebuilder.

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