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Flash Note – Benalec Hldgs ( TR BUY, maintain) - Company to benefit from rescission of land sales




Affin Hwang Investment Bank Bhd


12 Jan 2014





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Benalec Holdings disclosed updates on Heads of Agreements Pursuant to the Heads of Agreement entered between the company, Datuk Leaw Tua Choon (DLTC), Datuk Leaw Ah Chye (DLAC) and Leaw Yongene (LYG), Benalec Holdings announced the status of the Global Settlement and the implementation of major terms in settlement of legal actions, including:- (1) the land sales by Benalec Sdn Bhd and Strategic Land to Sunshine 2000 (46,564 sq m for RM14.0m) and Seaside Synergy (46,562 sq m for RM14.0m) have been rescinded and cancelled; (2) DLTC, DLAC, LYG, Sunshine 2000, Seaside Synergy, Su Seong Lin and Low Kim Yeok will take all necessary steps to register the lands in the name of Strategic Land or its nominees, and DLTC and DLAC shall cause one Pong KIM Siew to refund the commission of ~RM0.6m to Benalec; and (3) Strategic Land to refund the total purchase price to Sunshine 2000 and Seaside Synergy.

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