Benalec terminates land deal after purchaser fails to pay deposit

PETALING JAYA: Benalec Holdings Bhd has called off the disposal of four pieces of land measuring 28.48 acres in Pekan Klebang Seksyen II, Malacca after Arena Progresif Sdn Bhd failed to pay the deposit amounting to RM5.21 million despite repeated notices and reminders.
The purchase sum for the land is RM52.1 million.
Benalec had in March 2015 entered into a sale and purchase agreements entered into with Arena Progresif's Strategic Land Sdn Bhd (SLSB) for the disposal of six pieces of land measuring 47.34 acres for RM86.6 million. The disposal of the other two pieces of land was completed in December 2017.
Benalec is of the view that the termination of the SPA is of the best interest of the group after its reminders went unheeded by the purchaser.
Its shares gained 1.72% to close at 29.5 sen with some 196,000 shares done.