Hot Stock Nexgram up 7% after units secure offtake deals worth RM1.4 b

by **Cals** Wed 24 Dec 2014, 00:47

Hot Stock
Nexgram up 7% after units secure offtake deals worth RM1.4 b

KUALA LUMPUR (Dec 23): Nexgram Holdings Bhd ([You must be registered and logged in to see this image.] Financial Dashboard) gained 7.14% to 7.5 sen per share today on news it had secured two offtake cum sale and purchase agreements with MyAngkasa Bina Sdn Bhd for developments worth RM1.44 billion cash.
At 3:22pm, Nexgram shares pared some gains to settle at 7 sen, unchanged from its previous day’s closing. The counter was among the top active stocks across the local bourse, with some 2.28 million shares changing hands.
Yesterday, Nexgram said its wholly-owned subsidiaries, Nexgram Land and Nextnation Datacity, had inked the first offtake cum sale and purchase agreements with MyAngkasa in which the subsidiaries would sell “Angkasa Icon City” for RM1.15 billion.
“Angkasa Icon City” will be developed by Nextgram Land on a 2.39 ha freehold land held by Nextnation Datacity in Cyberjaya.
MyAngkasa Bina is a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd
Additionally, Nextgram Land had entered into a second offtake cum sale and purchase agreement with MyAngkasa and Top Valley Properties Sdn Bhd for another development for RM297.39 million.
The development project would also be undertaken by Nextgram Land and will be built on a piece of land neighbouring Putrajaya.
Both agreements were entered into following two Memoranda of Understanding (MoUs) entered between Nextnation and MyAngkasa in September.
The MoUs with MyAngkasa was for the proposed joint development of the Cyberjaya and Putrajaya projects.
Nextnation noted that both projects should be completed by the developer and vacant possession delivered to the purchaser within 60 months from the date of approval periods or extended approval periods.