Benalec falls 3.45% after calling off Melaka land sale

Benalec falls 3.45% after calling off Melaka land sale

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KUALA LUMPUR (Jan 10): Shares in Benalec Holdings Bhd fell 3.45% this morning after it called off plans to sell the remaining five of seven plots of land in Pekan Klebang, Melaka, to Titanium Hallmark Sdn Bhd. It inked an agreement in October 2017 to sell all seven plots, measuring 216,427 sq metre, for RM100.17 million.

At 9.26am, Benalec fell 0.5 sen to 14 sen, valuing it at RM120.65 million.

The decision stems from the failure of Titanium Hallmark to pay the balance of the total disposal consideration, despite several extensions of time granted and several reminder notices issued to its solicitors. Following the termination, Benalec said its solicitors will study legal actions it can take, besides marketing the remainder plots to new prospective purchasers.