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Labuan, Thursday, 17 March 2005 – Labuan International Financial Exchange (LFX) listed its 29 th instrument today with the debut of IOI Ventures (L) Berhad’s ten-year USD500 million guaranteed unsecured notes (Notes) due in 2015. IOI Ventures (L) Berhad (IOI Ventures) is a Labuan incorporated offshore company and wholly-owned subsidiary of IOI Corporation Berhad.
The primary listing of the Notes raised the market capitalisation of LFX to USD11.05 billion (RM41.98 billion). LFX has to-date 17 conventional debt instruments and exchangeable bonds, five (5) investment funds and five (5) Islamic certificates (Sukuk) listed on the exchange.
The listing of the Notes on LFX signifies the importance of the offshore exchange as a platform for Malaysian corporations to raise foreign capital for their business development and expansion purposes.
Yusli Mohamed Yusoff, Chairman of the LFX Board and CEO of Bursa Malaysia Berhad, said, “The IOI listing is the second such exercise of its kind in a year. It is testimony of LFX’s growing credibility and the increasing acceptance by Malaysian corporations and issuers of LFX as an effective platform for foreign fund raising. It is hoped that many more Malaysian corporations and issuers will realise the effectiveness and potential of LFX and capitalise on this, rather than using foreign exchanges to list their issues”.
IOI is listed on the Main Board of Bursa Malaysia Securities Berhad (“Bursa Securities”). IOI and its group of companies (the “IOI Group”) is a leading global integrated plantation and resource based manufacturing group in the palm oil industry. Through IOI Properties Berhad, the IOI Group is also one of the largest property development and investment groups in Malaysia. In terms of market capitalisation, IOI is the largest plantation company listed on Bursa Securities with a market capitalisation of approximately RM10.38 billion as at 31 January 2005.
The Notes, which bears an interest rate of 5.250 per cent per annum, have been rated A3 by Moody’s Investors Services Limited and BBB+ by Standard and Poor’s Rating Services. Barclays Bank Plc, acting through its Labuan Branch and Citibank Malaysia (L) Ltd are the joint lead managers and joint bookrunners for the issue, which was oversubscribed by 7 times, while The Hongkong And Shanghai Banking Corporation Limited is the co-manager.
The net proceeds of the issue of the Notes will be applied by the Issuer to refinance its existing borrowings, equity management and otherwise for its general corporate capital purposes.
The listing sponsor and advisor for the listing on LFX is AmInternational (L) Limited (AMIL). Licensed by LFX, a listing sponsor is primarily responsible to arrange for the listing of instruments on LFX and for any subsequent post listing obligations arising.
About Labuan International Financial Exchange (LFX):
LFX is an international offshore financial exchange based in Labuan, the international offshore financial centre of Malaysia. LFX is web-based at www.lfx.com.my and utilise international networking and electronic communication systems to facilitate exchange listing and trading facilities. LFX facilitates the listing of both conventional and Islamic multi-currency financial instruments and allows the issuer the flexibility to structure instruments for listing that best suit their funding needs. LFX is a company limited by shares and is wholly-owned by Bursa Malaysia Berhad. |
