The Board of Directors (“the Board”) of Benalec Holdings Berhad ("Benalec" or "the Company") wishes to announce that Sentosacove Development Sdn Bhd (Company No. 825663-A) (“Vendor A”), Oceanview Realty Sdn Bhd (Company No. 898879-K) (“Vendor B”) and Strategic Cove Sdn Bhd (Company No. 898838-A) (“Vendor C”) (collectively known as the “Vendors”), all of which are wholly-owned subsidiaries of Benalec Sdn Bhd (“BSB”), which in turn is a wholly-owned subsidiary of Benalec had on 30 October 2017 entered into a sale and purchase agreement with Titanium Hallmark Sdn Bhd (Company No. 941703-V) (“THSB” or the “Purchaser”) (“SPA”) for the disposal of lands measuring approximately 216,427 square meters located at Pekan Klebang, Seksyen III, Daerah Melaka Tengah, Negeri Melaka (“Lands”) (“the Disposal”) for a total consideration of RM100,172,739.16 (“Total Disposal Consideration”).
Benalec Holdings Bhd expects to realise a net gain of RM24.7mil from the sale of 216,427 sg metre of land in Pekan Klebang, Melaka to Titanium Hallmark Sdn Bhd. The company, which specialises in lad reclamation, said on Tuesday it had signed a sale and purchase agreement to sell the land for RM110mil. The land is leasehold and expires in 2115 and would be fore commercial buildings only. “Proceeds arising from the disposal are intended to be used to finance the company’s on-going reclamation projects and to meet the company’s working capital requirements,” it said.
Benalec said proceeds from the sale wouuld be utilised within 12 months. “The disposal provides an avenue for Benalec to monetise and crystallise the value of its landbank; while at the same time, improve the cash flow of the company,” it said. The directors of Titanium Hallmark are Lim Bee Wan, Audrey Yap Yee Siew and Leong Seng Hoong.
people who have access to online news & this forum may b looking at BENALEC as we speak. those who only read hard print news will read it tomoro morning. i'd prefer reading tomoro's news today & make informed decision
Benalec to gain RM24.7m from land sale: Benalec Holdings Bhd expects to realise a net gain of RM24.7mil from the sale of a 216,427 sq metre land in Pekan Klebang, Melaka, to Titanium Hallmark Sdn Bhd for RM110mil. — StarBiz
The Disposal is expected to realise a net gain of RM24.7 million representing earnings per share of approximately RM0.03. Benalec’s NA per share will increase from RM0.77 to RM0.80 (after accounting for the gain on the Disposal) based on Benalec’s total issued share capital of 799,097,100 ordinary shares (excluding 12,705,400 treasury shares) as at 30 June 2017. The Disposal will not have any effect on Benalec’s gearing.
KUALA LUMPUR (Oct 31): Benalec Holdings Bhd is selling seven plots of leasehold land measuring 216,427 sqm at Klebang, Melaka, for RM100.17 million cash.
In a filing today, Benalec said its three indirect wholly-owned subsidiaries — Sentosacove Development Sdn Bhd, Oceanview Realty Sdn Bhd and Strategic Cove Sdn Bhd — entered into a sale and purchase agreement with the purchaser Titanium Hallmark Sdn Bhd for the disposal.
Under the deal, Benalec expects to realise a net gain of RM24.7 million representing earnings per share of about 3 sen apiece.
Proceeds from the land sale, Benalec said, will be used to finance its ongoing reclamation projects and to meet its working capital requirements.
"The disposal is in the ordinary course of business of Benalec.
"The disposal provides an avenue for Benalec to monetise and crystallise the value of its landbank while at the same time, improve the cash flow of the company," it added.
At 3.12pm, shares of Benalec rose 3.57% or 1.5 sen to 43.5 sen, giving it a market capitalisation of RM331.62 million.
Proposal for share buy back from shareholders in the coming AGM. A good sign to prove the share price is undervalued.Just be patient for the big picture including the disposal of land bank to be realistic for substantial input channel to the company to further utilised to offset its financial programs. Just hold to sustain more profits rather than to buy and sell down with limited profits.
SC & Bursa should come out & reprimand Benalac Directors for keep releasing unfavorable & negative news like selling off land and unlikely then go to PN17. Also since it is a listed company, the family & related family members should be allowed to hold more than 50% total shares. Its a shame to bring internal family issues & created nonsense to company value & other shareholders. Stop playing dirty tactics to buyback shares at dirt price & then push it up again.
Selling of land is considered negative news? Do u know how many lands ben has?? This is why this marine construction is so valuable..they should sell more or develop themselves..
There is one idiot always argue this is bloody good company. Telling all to invest extra long term with this company. I think he/she no longer exist in this space
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Posted by Nelson Chua > 2017-09-19 18:47 | Report Abuse
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5548293