Benalec disposes of more land for RM50m

KUALA LUMPUR: Benalec Holding Bhd’s indirect subsidiary, Orientalcove Property Sdn Bhd, has disposed of six pieces of leasehold land in Melaka, measuring a total of 121, 404 sq m, to Ultra Harmony Development Sdn Bhd for RM50.96 million cash.

In a filing with Bursa Malaysia, Benalec said the disposal was in line with the group’s business model to dispose of land portions to raise funds to support its ongoing projects and meet working capital requirements.

The proceeds from the land disposal will be utilised within 12 months from the completion of the land disposal, it added. This transaction will be the second in a span of just two months after Benalec sold eight parcels of land in Melaka for RM54.31 million in July.

Benalec said earlier this month that its indirect subsidiary Spektrum Kukuh Sdn Bhd was still finalising the terms and conditions for its reclamation works and sale of 1,000 acres (404.6ha) of land off Tanjung Piai, Johor.

This article first appeared in The Edge Financial Daily, on September 25, 2013.