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Khazanah's 3rd Exchangeable Sukuk Lists On LFX,
by Mary Swire, Tax-News.com, Hong Kong
Tuesday, March 25, 2008
Labuan International Financial Exchange Inc. (LFX), has listed the 3rd Exchangeable
Sukuk by Khazanah Nasional Berhad, the investment holding arm of the government
of Malaysia, it emerged recently.
The LFX announced that USD550 million exchangeable trust certificates had been
issued via its Labuan incorporated special purpose vehicle, Paka Capital Ltd.
The sukuk, due to mature in 2013, is exchangeable into ordinary shares of Parkson Retail
Group Limited (Parkson), a company listed on the Stock Exchange of Hong Kong,
and the largest department store operator in the People’s Republic of
China.
This issuance is Khazanah’s first sukuk exchangeable into a stock
listed outside Malaysia. It is unique in allowing sukuk holders to have Khazanah’s
credit as downside protection, while enjoying the benefits of the favourable
Chinese retail consumption growth potential.
Commenting on the sukuk issuance by Khazanah, LFX Board Member, Dato’
Yusli Mohamed Yusoff stated that: “We encourage more issuers, both local and
foreign, to follow in Khazanah’s footsteps and take advantage of the opportunities
and benefits that LFX can offer for capital and fund raising activities.”
The net proceeds raised from the sukuk offering and placement of approximately
USD647 million will be used as additional working capital and for other general
corporate purposes relating to Khazanah’s principal business activities.
The listing sponsor for the sukuk is CIMB Bank (L) Limited, whilst Deutsche
Bank AG, Labuan Branch acted as the Global Coordinator.
CIMB Bank (L) Limited,
Deutsche Bank AG, Labuan Branch and UBS AG, Labuan Branch are the Joint Bookrunners
and Joint Lead Managers. AmInternational (Labuan) Ltd is also a Joint Lead Manager.
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