Kuala Lumpur, 13 October 2016 : The Board of Directors of Nexgram is pleased to announce that Blue Hill Development Sdn. Bhd., an indirect 70%-owned subsidiary of the Company (“BHDSB”), had on 11 October 2016 accepted a Letter of Intent and Joint-Collaboration to Participate as Main Sub-contractor dated 11 October 2016 from Good View Construction Sdn. Bhd. (“GVCSB”) (“LOI”).
Pursuant to the LOI, BHDSB shall undertake the main sub-contractor role whilst GVCSB shall undertake the project co-ordination and project management roles at an agreed fee to be determined later upon securing the contract work known as Proposed PPA1M Bukit Katil at Lot 1691 & 17697 (Lot 1692), Mukim Bukit Katil, Daerah Melaka Tengagh, Melaka, which entails the construction of 462 units of apartment for civil servant (“the Project”).
There is no certainty that the LOI will result in the Project being secured by GVCSB and/or BHDSB. Nevertheless, GVCSB and BHDSB will take necessary actions to secure the Project.
Further announcement on the development of the above matter will be made to Bursa Malaysia Securities Berhad in due course, should GVCSB and/or BHDSB be successful in procuring the Project.
This announcement is dated 13 October 2016.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5230149