Market capitalisation of the Labuan International Financial Exchange (LFX) reached US$11.5 billion last week with the listing of US$80 million Guaranteed Redeemable Convertible Bonds (Convertible Bonds) by the Transmile Group Berhad (TGB).
The US$80 million Guaranteed Redeemable Convertible Bonds due in 2010 were issued by Labuan-incorporated TGB (SPV) Limited, a wholly owned subsidiary of TGB. With the listing of the Bonds, there are now 19 conventional bonds, 5 mutual funds and 5 Syariah compliant certificates (Sukuk).
Yusli Mohamed Yusoff, Chairman of the LFX Board and CEO of Bursa Malaysia Berhad, said that more Malaysian corporations should tap into the opportunities offered by LFX in meeting their capital needs. The listing of the Convertible Bonds is a testimony to the ability of LFX to offer its services, especially in the area of regional finance for aviation, air transport and logistics business.
“Such a move would also contribute to enhance the profile of Malaysian corporations and financial instruments internationally. This would be a significant step forward in contributing to the international branding of Malaysian corporations, financial products and services“ he said.
The listing sponsor and advisor for the listing on LFX is Avenue Securities Sdn Bhd, LFX’s first ever Listing Sponsor with a Universal Broker (UB) status granted by the Securities Commission (SC). It marks the beginning of the development of Malaysian stockbrokers in new exposure and experience in the offshore exchange and international offshore financial business. Licensed by LFX, a listing sponsor is primarily responsible to arrange for the listing of instruments on LFX and for any subsequent post listing obligations arising.
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