Benalec Holdings, which has requested for its stock to be suspended pending an announcement, is close to securing a land reclamation project that will cover about 5k acres in Tanjung Piai in the southwestern tip of Johor, according to sources. The sources added that the contract was being awarded by the Johor government to Spektrum Kukuh SB and Spektrum Budi SB, both of which are 70:30 joint ventures between Benalec and certain individuals. The parcel of land at the southwest of Tanjung Piai is suitable to be a deepwater petroleum terminal facility, similar to what Dialog is developing in Pengerang, Johor. Meanwhile, it was believed that Benalec will undertake a private placement soon to raise funds for the project. According to sources, Benalec is likely to announce the deal this week. (StarBiz)
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