03 December 2014

Benalec sells nearly 40 acres of Melaka land for RM71m

  03 December 2014

KUALA LUMPUR: Benalec Holdings Bhd is selling 39.27 acres of reclaimed leasehold land in Melaka to Jadex Land Sdn Bhd for RM71.84mil cash which would be used to repay its borrowings and fund projects.

Benalec said on Tuesday its unit Strategic Cove Sdn. Bhd had signed a sale and purchase agreement with Jadex’s unit Quality Paradise Sdn. Bhd for the sale of the six pieces of land.

It said the land was in Pekan Klebang, Melaka and about 9.5km southwest of Melaka City centre.

“The land disposal is in line with the Benalec Group’s business model to dispose the reclaimed land received from reclamation projects in Melaka which involve settlement in kind for cash in a timely manner either through disposals or joint ventures,” it said.

Benalec added the land disposal would enable it to raise funds to repay its outstanding indebtedness as well as finance on-going and future reclamation projects and to meet working capital requirements.

“By selling the yet to be reclaimed land, it provides Benalec the opportunity to immediately crystallise the value of its landbank, which will improve the operating cash flow of the company in the future,” it said.

~ By THE STAR

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