Kuala Lumpur, 13 October 2016 : The Board of Directors of Nexgram is pleased to announce that Suara Hati Sdn. Bhd. (“SHSB”) has via its Letter of Intent dated 10 October 2016 (“LOI”), inviting Blue Hill Development Sdn. Bhd., an indirect 70%-owned subsidiary of the Company (“BHDSB”) to work with SHSB on the Proposed Rakyat 1Malaysia Housing Development Project known as “GOMBAK PR1MA VALLEY” situated on a 49.43 acres of leasehold Malay reserved land sited on PM 344 Lot No. 4940, PM 222 Lot No. 4942, PM 364 Lot No. 4943, PM 231 Lot No. 4944, PM 225 Lot No. 4945, PM 234 Lot No. 4946, PM 240 Lot No. 4948 and PM 248 Lot No. 4951 in Mukim Setapak, Daerah Gombak, Selangor (“Project”) on a joint venture basis in accordance with the terms and conditions as stated in the letter of intent as given by Perbadanan PR1MA Malaysia (“PR1MA”) to SHSB dated 9 September 2016. BHDSB has accepted the LOI on 11 October 2016.
The Project consists of 1,138 units of PR1MA Homes comprising double storey houses, apartment units and 20 retail units together with all necessary amenities, utilities, facilities and infrastructures.
The terms of the joint venture shall be finalised at a later date based on the profit margin derived from the Project in the event that PR1MA awards the Project to SHSB and/or BHDSB.
There is no certainty that the letter of intent given by PR1MA to SHSB will result in the project being awarded to SHSB and/or BHDSB. Nevertheless, SHSB 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 BHDSB and/or SHSB be successful in procuring the Project.
This announcement is dated 13 October 2016.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5230153