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Flash Note – Benalec Hldgs (TRADING BUY) - Validity of binding term sheet extended by six months




Affin Hwang Investment Bank Bhd


12 Jun 2013





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Parties first entered into a binding term sheet on 12 March 2013 Spektrum Kukuh Sdn Bhd, a 70% owned-subsidiary of Tanjung Piai Maritime Industries Sdn Bhd, which in turn is a wholly-owned subsidiary of Benalec Sdn Bhd, which in turn is a wholly-owned subsidiary of Benalec, had on 12 March 2013 entered into a binding term sheet with The State Secretary, Johor (Incorporated) and 1MY Strategic Oil Terminal Sdn Bhd to undertake the reclamation works and sale of approximately 1,000 acres of land off the coast of Tanjung Piai, Johor Darul Ta’zim for the purpose of constructing and operating a crude oil and petroleum storage facility together with a private jetty.

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