Benalec plans RM200m bond issue

KUALA LUMPUR: Benalec Holdings Bhd has proposed to issue up to RM200 million convertible bonds, of which RM146 million would be used for land reclamation projects. Benalec yesterday said the seven-year redeemable convertible secured bonds may be issued on a direct or private placement, a bought deal basis or book running on a best effort basis without prospectus to investors. As of March 20, Benalec sealed sale and purchase agreements to dispose of 52 hectares of land for RM235.129 million, which have been or would be reclaimed by it.