Benalec stands to gain RM4mil from land sale

PETALING JAYA: Benalec Holdings Bhd is expected to make a net gain of RM4.17mil from the proposed disposal of its beneficial interest in 4.252 acres of commercial land in Malacca.

The civil engineering firm told Bursa Malaysia that the net gain would represent earnings per share of half a sen and would improve the company’s net asset per share from 74 sen to 75 sen based on its total issued capital of 799.14 million shares as of June 30, 2015.

In a filing with Bursa, Benalac said it had entered into an agreement with Pembinaan Kota Laksamana (Melaka) Sdn Bhd and Arah Menang Holdings Sdn Bhd for the joint sale and disposal of a 41.67 acres in Melaka Tengah for a total sale consideration of RM83.5mil.

The deal would entail Benalec Land Sdn Bhd – a wholly owned subsidiary of Benalec Sdn Bhd, which in turn is a wholly owned subsidiary of Benalec – disposing of its beneficial interest of 4.252 acres in the leasehold property held by Pembinaan Kota Laksamana as the registered proprietor for RM8.52mil.

Benalec Holdings said that proceeds from the proposed disposal of the commercial land, which has a 99-year leasehold tenure ending Nov 10, 2112, would be used to meet the company’s working capital requirements.

Benalec said the proposed land disposal was not expected to have any effect on the group’s gearing.