Benalec Holdings Bhd's unit, Sentosacove Development Sdn Bhd (SDSB), has signed a sale and purchase agreement with Vista Selesa Development Sdn Bhd (VSDSB) to dispose of six parcels of leasehold land for RM45.6 million.

In a statement Wednesday, Benalec said RM40.6 million would be satisfied in cash.

Meanwhile, its other unit, Orientalcove Realty Sdn Bhd (ORSB), has signed a joint venture agreement with VSDSB to develop a mixed development project.

"Under the agreement, Benalec is estimated to be entitled to RM37.8 million, or 25 per cent, of the gross development value, whichever is higher," it said.

ORSB's entitlement under the joint venture agreement would be satisfied in cash, within two years from the date of the agreement, it said.

Benalec said it would also seek shareholders' approval for a share buyback and a private placement exercise.

"The agreements, share buyback and private placement will be subject to shareholders' approval at the extraordinary general meeting," it said. - Bernama