LBS to save RM941,000 on early sukuk redemption

PETALING JAYA (July 23, 2013): LBS Bina Group Bhd will benefit from cost savings of about RM941,000 by redeeming part of its sukuk programme before its maturity date.

In a filing with Bursa Malaysia yesterday, the property developer said it had yesterday made an early redemption by redeeming and cancelling RM10 million nominal value forming part of Tranche 2 of the sukuk programme which is due to be matured on July 23, 2015.

This leave a balance of RM20 million for Tranche 2 of the sukuk.

LBS added that the early redemption will havea positive effect to the group's earnings and gearing ratio.