31st October, 2017
In a filing 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.
Under the deal, Benalec expects to realise a net gain of RM24.7 million representing earnings per share of about 3 sen apiece.
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.
At 3.12pm, shares of Benalec rose 3.57% or 1.5 sen to 43.5 sen, giving it a market capitalisation of RM331.62 million.