KUALA LUMPUR: 6th July 2016: Nexgram board passed and adopted a special audit by Ferrier Hodgson MH Sdn Bhd (FHMH).
The auditors have recently asked for an extension of up to a month to submit its special report on the company to its board of directors due to time taken to compile information which involves third parties.
“With the special audit being satisfactory and no materiality changes or loss, the board had accepted the FHMH report and move forward to focus on business.” commented the Company’s Chairman. Despite efforts and time spent on securing the off-take cum Sale & Purchase Agreements with MyAngkasa Bina Sdn Bhd, the Company was made to expend resources to appoint a special auditor.
The group CEO, Tuan Syed Omar, commented “The company had spent so much of public company’s time and money on un-productive administration work despite the fantastic business prospects, especially after winning the off take contracts. Moving forward, the Company shall focus on building business to be answerable to shareholders, especially minorities, and to be a good corporate citizen.
It is learnt that the authorities are looking at the dealings involving three subsidiaries of Nexgram and apparently according to report findings, the decision to divest them was approved by the Board and it’s part of the on-going group restructuring plan.
According to the management, the company had gone through carefully planned diversification process since year 2013, and generating internal funding by disposing of unprofitable business for better prospect investments being part of the on going commercial decisions.
“To summarize, in FHMH’s report, there is no mention of any irregular or asset value differences. There is also no suggestion of dishonestly. The FHMH report may have revealed clumsiness, carelessness and inexperience of handling of certain transactions. The company shall seize this opportunity to improve our business approach, our processes, our corporate governance and our professionalism.”, commented Chairman of the board.
Nexgram Holdings Berhad (“Nexgram Group”) is a public listed investment holding company based in Kuala Lumpur, Malaysia. As of to date, it operates through the following segments: Telecommunication, Security & Surveillance, Software Development, Property Development, Industries, Business Advisories and Investment activities.