Luminor Financial (SGX:5UA) issued 5.5 million ringgit in redeemable preference shares (RPS) via its subsidiary, Luminor Assets, according to a Tuesday filing on the Singapore Exchange.

The issuance is part of a 500 million ringgit RPS program established on Oct. 2, 2023.

The shares, priced at 1 ringgit each, will mature on Nov. 4, 2026. Proceeds will fund factoring, secured lending, and consumer financing.

Dividends will be cumulative, based on the overnight policy rate plus a 5% margin, and declared biannually, subject to available profits. Redemption will occur in cash, with prior notice required for any inability to redeem.

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