PETALING JAYA: Benalec Holdings Bhd’s unit has proposed to dispose of six parcels of leasehold land in Melaka for a total sale consideration of RM50.97mil cash.


In a statement, the company said that Orientalcove Property Sdn Bhd, a unit of its wholly owned subsidiary of Benalec Sdn Bhd, had on Tuesday entered into a conditional sale and purchase agreement withUltra Harmony Development Sdn Bhdfor the sale of the six parcels of land, which collectively measured approximately 121,404 square metres, or 20,234 square metres each.


The land disposal was expected to be completed by the first quarter of 2014.


The proceeds from the land disposal are intended to finance ongoing projects and to meet working capital requirements of the Benalec Group,” the company said in a statement.


The proceeds arising from the Land Disposal would be utilised within 12 months from the completion of the land disposal,” it said.