Benalec sells Melaka land for over RM100milNews Straits Times
31st October, 2017
KUALA LUMPUR: Benalec Holdings Bhd is selling seven plots of leasehold land measuring 216,427 sqm at Klebang in Melaka for RM100.17 million cash.
In a filing with Bursa Malaysia today, Benalec said its three indirect wholly-owned subsidiaries — Sentosacove Development Sdn Bhd, Oceanview Realty Sdn Bhd and Strategic Cove Sdn Bhd — entered into a sale and purchase agreement with the purchaser Titanium Hallmark Sdn Bhd for the disposal.
Benalec is expected to realise a net gain of RM24.7 million representing earnings per share of about three sen.
Proceeds from the land sale, Benalec said, will be used to finance its ongoing reclamation projects and to meet its working capital requirements.
"The disposal is in the ordinary course of business of Benalec. The disposal provides an avenue for Benalec to monetise and crystallise the value of its landbank while at the same time, improve the cash flow of the company," it added.