KUALA LUMPUR (May 8): Benalec Holdings Bhd has decided to abort plans to dispose of the remaining four of nine parcels of leasehold land in Melaka after the purchaser failed to pay the deposit.

On March 9, 2015, Benalec had announced the disposal of nine parcels of leasehold land in Melaka measuring a combined 70.46 acres to Arena Progresif Sdn Bhd for RM128.91 million. The sale and purchase of five parcels of land has been completed.

In a filing with Bursa Malaysia today, Benalec said its wholly-owned subsidiary Strategic Land Sdn Bhd (SLSB) had today terminated the disposal of the remaining four parcels after Arena Progresif failed to pay the deposit amounting to RM5.21 million or 10% of the disposal consideration despite several reminders and final notice issued to the purchaser’s solicitors.

"In view of (this), the board of directors of SLSB, in the best interest of the company, has decided to terminate the SPA in relation to the subject lands with immediate effect," it added.

Shares in Benalec closed 0.5 sen or 1.72% higher at 29.5 sen today, with 196,000 shares done, bringing it a market capitalisation of RM243.61 million.