18 Jul 2017 – The Board of Directors of Nexgram wishes to announce that Nexgram Land Sdn. Bhd. (“NLand”), a wholly owned subsidiary of Nexgram has today received a sealed Writ of Summons dated 13 July 2017 (“the Writ”) and Statement of Claim dated 12 July 2017 for RM12.5 million from the Plaintiff’s solicitors (“the Statement of Claim”).
The Plaintiff is claiming RM12.5 million from NLand, being the purchase consideration for the 770,000 ordinary shares, representing 70% stake acquired in Blue Hill Development Sdn Bhd (“Blue Hill”) from the Plaintiff pursuant to the Sale and Purchase Agreement dated 14 April 2016.
Particulars of the Claim under the Writ
Pursuant to the Writ and the Statement of Claim, the Plaintiff is claiming the following:-
1. Judgement for the sum of RM12.5 million;
2. Interest, at the rate of 5% p.a. on the sum of RM12.5 million from 4 August 2016 to date of full payment;
3. Cost; and
4. Any other order that the Honourable Court deems fit.
Financial and Operational Impact
The Writ and Statement of Claims will not be expected to have any material financial and operational impact on Nexgram as Nexgram has a strong defense and counter claim (“Defense and Counter-Claim”) against the Plaintiff.
Directors’ and Major Shareholders Interest
None of the Directors and/or Major Shareholders of Nexgram and/or persons connected to them have any interest, direct or indirect in the Writ.
Steps Taken in respect of the Writ
As the matter has been fixed for case management on 28 July 2017, Nexgram is in the midst of appointing it’s solicitors with regard to the Defense and Counter-Claim it wishes to file against the Writ and Statement of Claim and will make a further announcement on the developments (if any) in due course.
This announcement is dated 18 July 2017.