News Update
 
Benalec unit disposes of land for RM72mil
3 Dec 2014
PETALING JAYA: Benalec Holdings Bhd’s wholly owned subsidiary, Strategic Cove Sdn Bhd, is disposing of six parcels of reclaimed leasehold land in Pekan Klebang, Malacca for RM71.85mil cash.


It said in a filing with Bursa that the subsidiary had entered into a sale and purchase agreement with Quality Paradise Sdn Bhd, a wholly-owned subsidiary of Jadex Land Sdn Bhd, to dispose of the land.


Benalec Holdings said the disposal was in line with the group’s business model to dispose of the reclaimed land received from reclamation projects in Malacca which involved settlement in kind for cash in a timely manner either through disposals or joint ventures.


“The land disposal also provides an avenue for the Benalec Group to raise funds to repay its outstanding indebtedness as well as finance on-going and future reclamation projects and to meet working capital requirements,” it added.
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