The US$300.0 million 1% Guaranteed Exchangeable Notes ('the Notes') due in 2008, were issued by Labuan-incorporated Prime Venture (Labuan) Limited (PVL), a wholly-owned subsidiary of Genting Berhad.
With the latest listing, there are 13 instruments listed on LFX to date, comprising three Syariah compliant certificates (Sukuk), six investment funds and four conventional debt instruments and exchangeable bonds, with a total market capitalisation of US$2.26 billion.
The Chairman of LFX Board of Directors, Dato' Mohd Azlan Hashim said that Malaysian corporations should continue to tap the opportunities offered by LFX in meeting their capital needs.
"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.
Mohd Azlan said Malaysian corporations which have already listed their non-ringgit financial instruments on LFX, either directly or through their subsidiaries, include Rashid Hussain Bhd, Tenaga Nasional Bhd, Kumpulan Guthrie Bhd and 1st Silicon (Malaysia) Sdn Bhd.
Genting's PVL Notes, which were primary listed on the Luxembourg Stock Exchange on 12 December 2003, are exchangeable into ordinary shares of RM0.50 each of Resorts World Bhd (Resort World) held by Genting, and are fully guaranteed by Genting. Bearing an interest rate coupon of 1% per annum, interest will be payable semi-annually in arrears on 12 June and 12 December of each year commencing on 12 June 2004.
Each USD10,000 principal amount of the Notes are exchangeable into 2,849.644 ordinary shares of Resorts World based on the exchange price of RM13.335 per share.
However, Genting may, at its option choose to satisfy the exchange obligation, in whole or in part, by paying the holders of the Notes in cash. Unless previously exchanged, redeemed or purchased and cancelled, the Notes will be redeemed on 12 December 2008 at 113.82% of their principal amount. Both Genting and its subsidiary, Resorts World, are listed on the Main Board of the Kuala Lumpur Stock Exchange.
The proceeds from the issuance of the Notes will be utilised to fund future overseas investments to be undertaken by the Genting Group.
The listing sponsor for the secondary listing of the Notes is CIMB (L) Limited and they will be responsible for ensuring that PVL complies with the post-listing obligations as prescribed by LFX's rules and regulations. JP Morgan Corporate Trustee Services Limited is the trustee for the Notes .
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 the Kuala Lumpur Stock Exchange, 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.
