Benalec shares rise to one-month high

PETALING JAYA: Shares of marine construction specialist Benalec Holdings Bhd climbed to a one-month high on expectations that the company will accelerate land-reclamation works after securing the Department of Environment’s (DoE) greenlight to start work on a second site in Johor.

The stock rose 4.5% or 2.5 sen to 57.5 sen.

The company recently received the DoE’s conditional approval for the reclamation works on 677.2ha in Teluk Ramunia for the development of Pengerang maritime industrial park.

The company plans to start the reclamation works in Teluk Ramunia some time in the third quarter. The company’s reclamation works for the Integrated Petroleum and Chemical Hub located in Tanjung Piai, Johor started last December.

“We have currently reclaimed about seven acres of land in Tanjung Piai and expect the first 100 acres to be reclaimed by July this year,” it said.