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LFX Lists Khazanah Sukuk,
by Carla Johnson, Investors Offshore.com
Thursday, July 12, 2007
The Labuan International Financial Exchange Inc. (LFX), has listed the second
Exchangeable Sukuk listing by Khazanah Nasional Berhad (Khazanah).
The Sukuk was issued via its special purpose vehicle (SPV), Cherating Capital
Ltd, with an offering size of US$850 million. The Sukuk, due in 2012, is exchangeable
into ordinary shares of PLUS Expressways Berhad (PLUS Expressways), the largest
expressway concessionaire in Malaysia in terms of toll receipts.
The Sukuk has a maturity of five years with a periodic payment of 2.0% per
annum and was priced to achieve a yield to scheduled dissolution of 4.58%.
It also has an exchange premium of 23% over RM3.2054, being the weighted average
price of PLUS Expressways’ ordinary shares on 27 June 2007.
The listing of Khazanah’s latest Exchangeable Sukuk marked LFX’s
43rd listing to date, and brings LFX’s market capitalisation to US$15 billion.
“It is very encouraging to note that there is a continuing trend from
domestic Issuers to list Sukuks via the LFX,” observed Dato’ Yusli Mohamed
Yusoff, LFX Board Member and Chief Executive Officer of Bursa Malaysia Berhad.
To date, LFX has a range of Islamic financial instruments listed comprising
nine Sukuks, totaling U$D3.95 billion. “The listing of the Exchangeable
Sukuk also reflects LFX’s commitment and effort towards positioning itself
as a premier offshore exchange for the listing of Islamic financial instruments,”
added Dato’ Yusli.
He expects that this will serve as a precursor to the listing of other Shariah-compliant
instruments on LFX and will further develop the Islamic financial market. “The
success of the issuance and listing of the Sukuk is also a further testimony
to Malaysia’s efforts towards being a global Islamic Financial hub,”
he stated.
The net proceeds raised from the Sukuk offering of approximately USD844 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 Exchangeable Sukuk is CIMB Bank (L) Limited. CIMB
(L) Limited, Deutsche Bank AG, Labuan Branch and J.P. Morgan Malaysia Ltd. are
the Joint Bookrunners and Joint Lead Managers for the Sukuk, while CIMB Islamic
Syariah Committee acted as the Shariah adviser for the issuance.
LFX is an international offshore financial exchange based in Labuan, the international financial centre of Malaysia. LFX is web-based and utilises international
networking and electronic communication systems to facilitate exchange listing
and trading facilities.
LFX facilitates the listing of both conventional and Islamic multi-currency
financial instruments, and allows the issuer the flexibility to structure instruments
for listing that best suit their funding needs. LFX is a company limited by
shares, and is wholly-owned by Bursa Malaysia Berhad.
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