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KUALA LUMPUR (Nov 1): Benalec Holdings Bhd is selling seven leasehold plots measuring 216,427 sq m at Klebang, Melaka, for RM100.17 million in cash.
In a filing with Bursa Malaysia yesterday, Benalec said its 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.
Under the deal, Benalec expects to realise a net gain of RM24.7 million representing earnings per share of about three 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 Benalec’s ordinary course of business. The disposal provides an avenue for Benalec to monetise and crystallise the value of its land bank and at the same time, improve the company’s cash flow,” it added.
This article first appeared in The Edge Financial Daily, on Nov 1, 2017.
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