PETALING JAYA: Benalec Holdings Bhd proposes to dispose of nine parcels of land Pekan Klebang, Malacca measuring 58.63 acres for RM107.26 million.

In filings with the stock exchange, Benalec said the land disposal is in line the group's business model to dispose of the reclaimed land received in lieu of its reclamation projects in Malacca. The disposal also helps it raise funds to repay its outstanding indebtedness as well as finance on-going and future reclamation projects and to meet working capital requirements.

Benalec is selling three pieces and three pieces of land to Jadex Land Sdn. Bhd and Quality Paradise Sdn. Bhd. For RM35.42 million and RM71.85 million, respectively.