Friday 29 Mar 2024
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KUALA LUMPUR (7 Feb): Benalec Holdings Bhd has declined to sell 12 plots of land owned by its wholly-owned units in Pekan Klebang, Melaka Tengah, Melaka, to engineering solutions provider Spring Gallery Bhd for about RM186.63 million.

Its units Heritage Land Sdn Bhd, Klebang Property Sdn Bhd and Heritage Land Development Bhd received three letters of offer from Million Rich Development Sdn Bhd, a wholly-owned unit of Spring Gallery, on Jan 26.

The plots, measuring a collective 4.44 million sq ft, are all leasehold lands with their leases set to expire between April 2111 and Oct 2112. 

In making the offer at the time, Spring Gallery said Million Rich was planning to develop nine pieces of adjacent plots with a theme park operator and so the group believes the proposed acquisition would gain it access to prime land for future investment.

"After evaluating the said offer, the management is of the view that the offer is not in the best interest of the Company and therefore has decided not to accept the said Offer vide a reply letter dated Feb 6, 2018," Benalec said in a Bursa Malaysia filing.

Benalec shares were trading unchanged at 37 sen at 3.25pm, while Spring Gallery's slipped 8 sen or 7.14% to RM1.04.

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