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.