Genting Berhad’s USD300 million guaranteed notes, issued through its Labuan incorporated wholly-owned subsidiary Prime Holdings (Labuan) Limited, was listed yesterday. While CAHB’s USD125 million zero-coupon guaranteed convertible bonds issued through its wholly owned subsidiary, Commerce Capital (Labuan) Ltd was listed today.
With the two listings, the total number of listings on LFX has increased to 22 comprising five Syariah compliant certificates (Sukuk), five investment funds and twelve conventional debt instruments and exchangeable bonds, with a total market capitalisation of USD9.08 billion.
The Commerce Capital (Labuan) bonds listing is the third primary listing on the LFX in the past few days. On 20 September 2004, LFX saw the listing of the USD310 million exchangeable guaranteed bonds issued by IOI Investment (Labuan) Berhad, a wholly owned subsidiary of IOI Corporation Berhad.
LFX Board Member, Encik Yusli Mohamad Yusoff said that he hoped the listings would set the trend for even more Malaysian groups to list their foreign currency instruments on LFX. Yusli is also the Chief Executive Officer of Bursa Malaysia, the holding company of LFX.
“Such a move would further contribute towards the growth of the Labuan International Offshore Financial Centre, in general, and LFX, in particular. “
In this regard, as an offshore financial exchange, LFX offers issuers the flexibility of innovative structuring of their financial instruments to best suit their respective needs, Encik Yusli added.
The Prime Holdings Notes which carry a coupon rate of 5.375% and are due in 2014, are guaranteed by Genting Berhad. The Notes have been rated BBB+ by Standard and Poor’s and Baa1 by Moody’s.
As for the Genting Group, this is the second time it is listing its foreign currency bonds on LFX. The secondary listing of the USD300 million guaranteed exchangeable notes issued through Prime Venture (Labuan) Ltd was done on 30 December 2003.
Meanwhile, the Commerce Capital (Labuan) bonds, due 2009, are guaranteed by CAHB and are convertible into shares of RM1.00 each in CAHB at an initial conversion price of RM6.03 per share.
The listing sponsor for the Commerce Capital (Labuan) bonds is CIMB (L) Limited while EQ Funds Services (Asia) Limited, a member of Equity Trust group, acted as the listing sponsor for Prime Holdings Notes. Licensed by LFX, a listing sponsor is primarily responsible for the listing of instruments on the LFX and for any subsequent post listing obligations arising.
As a web-based exchange at www.lfx.com.my, LFX offers market participants and investors around the world, fast and efficient access to its services. Wholly owned by Bursa Malaysia Berhad (formerly known as Kuala Lumpur Stock Exchange Bhd), LFX is an international offshore financial exchange that facilitates the listing of a multitude of multi-currency instruments and allows the issuer the flexibility to structure the instruments that best suit their funding needs.
