PETALING JAYA: Benalec Holdings Bhd’s agreement for the planned reclamation works at its Tanjung Piai petroleum hub and industrial park in the Straits of Johor has lapsed and it does not intend to pursue the matter any further.
According to a filing with Bursa Malaysia, the term sheet for the reclamation works expired yesterday and the parties involved in the initial agreement have decided that they will not finalise the terms and conditions nor extend the validity of the term sheet.
The parties involved and which had signed the term sheet are Benalec’s 70%-owned subsidiary Spektrum Kukuh Sdn Bhd, The State Secretary, Johor (Inc) and 1MY Strategic Oil Terminal Sdn Bhd.
The plan was to originally reclaim and sell about 1,000 acres off the coast of Tanjung Piai, Johor, for the purpose of constructing and operating a crude oil and petroleum storage facility together with a private jetty.
Benalec closed unchanged at 63 sen yesterday.