Labuan Offshore Financial Services Authority (LOFSA) Annual Report 2006.

Labuan, Malaysia, was designated as an offshore international financial centre in 1990. As part of its development, an offshore financial exchange, Labuan International Financial Exchange (LFX), was launched on 23 November 2000.

Labuan International Financial Exchange Inc., a company limited by shares, was incorporated under the Offshore Companies Act 1990 (OCA) with an authorised and paid-up capital of USD$10 million and USD$5.5 million respectively.

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Labuan, Friday, 14 March, 2008. Labuan International Financial Exchange Inc. (LFX), listed the 3rd Exchangeable Sukuk by Khazanah Nasional Berhad. The USD550 million exchangeable trust certificates were issued via its Labuan incorporated special purpose vehicle, Paka Capital Ltd.

The sukuk, due in 2013, is exchangeable into ordinary shares of Parkson Retail Group Limited (“Parkson”), a company listed on the Stock Exchange of Hong Kong and the largest department store operator in the People’s Republic of China. This issuance is Khazanah’s first sukuk exchangeable into a stock listed outside Malaysia. It is unique in allowing sukuk holders to have Khazanah’s credit as downside protection while enjoying the benefits of the favourable Chinese retail consumption growth potential.

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