Nexgram in talks with 1MDB over TRX land [FMT 28 May 15]

1mdb_trx_Nexgram_600KUALA LUMPUR: Nexgram Holdings Bhd (Nexgram) says it is currently in preliminary discussions with 1Malaysia Development Bhd (1MDB) to potentially acquire land in 1MDB’s Tun Razak Exchange (TRX).

In a statement to Bursa Malaysia today, Nexgram said it has not determined the type of development to be carried out, and whether it will be by the company on its own or in a joint venture with another party.

The statement was issued as clarification to a media report yesterday saying that the property developer “is eyeing the last available acres of land at 1MDB’s Tun Razak Exchange” and that it has an “interest to participate in the development of the project.”

Nexgram said it will make the relevant announcements in accordance with the ACE Market Listing Requirements of Bursa Malaysia Securities Bhd once the terms of the acquisition have been determined, and an agreement is formalised and approved by the Board.