We refer to the Company’s announcements made on 1 August 2012, 16 October 2012, 20 December 2012, 26 February 2013 and 28 June 2013 in relation to the following Islamic Commercial Papers/Islamic Medium Term Notes Programme (“Sukuk Programme”) guaranteed by Danajamin Nasional Berhad which have been fully redeemed :-
1) Entire Tranche 4 – Nominal Value RM20.0 million (Maturity Date : 15 July 2013)
2) Entire Tranche 3 – Nominal Value RM20.0 Million (Maturity Date : 17 July 2013)
3) Entire Tranche 1 - Nominal Value RM35.0 Million (Maturity Date : 23 July 2014)
4) Part of Tranche 2 – Nominal Value of RM40.0 Million (Maturity Date : 23 July 2015)
The Board of Directors is pleased to inform that the Company had on 22 July 2013 made a further early redemption by redeeming and cancelling RM10.0 million nominal value forming part of Tranche 2 of the Sukuk Programme which is due to be matured on 23 July 2015 (“Early Redemption”) leaving a balance of RM20.0 million for Tranche 2 of the Sukuk Programme.
The Early Redemption is 731 days ahead of its Maturity Date, thus contributed to a total cost savings of about RM941,000.00, giving a positive effect to the Company’s earnings and gearing ratio.
The Early Redemption is not expected to have any material impact on the issued and paid-up share capital and Net Assets of LBGB Group and is not subject to the approval of LBGB shareholders and other authorities.
None of the Directors, substantial shareholders of LBGB and or person connected with them has any interest, direct or indirect, in the Early Redemption.
The Board of Directors of LBGB is of the opinion that the Early Redemption is in the best interest of LBGB Group.
This announcement is dated 22 July 2013.