RESTATED OFF TAKE AGREEMENT CUM SALE AND PURCHASE AGREEMENT ENTERED INTO BY MYANGKASA BINA SDN BHD (MYANGKASA OR PURCHASER) FOR ITS PURCHASE OF THE ENTIRE DEVELOPMENT PROJECT TO BE UNDERTAKEN BY NEXGRAM DEVELOPMENT SDN BHD [24 Aug 2018]

OTHERS NEXGRAM HOLDINGS BERHAD (NEXGRAM OR THE COMPANY)

NEXGRAM HOLDINGS BERHAD

 

Type Announcement
Subject OTHERS
Description
NEXGRAM HOLDINGS BERHAD (NEXGRAM OR THE COMPANY)

RESTATED OFF TAKE AGREEMENT CUM SALE AND PURCHASE AGREEMENT ENTERED INTO BY MYANGKASA BINA SDN BHD (MYANGKASA OR PURCHASER) FOR ITS PURCHASE OF THE ENTIRE DEVELOPMENT PROJECT TO BE UNDERTAKEN BY NEXGRAM DEVELOPMENT SDN BHD (FORMERLY KNOWN AS JUMBOVEST SDN BHD) (NEXGRAM DEVELOPMENT OR DEVELOPER) ON A PARCEL OF FREEHOLD LAND HELD BY NEXTNATION DATACITY SDN BHD (NEXTNATION DATACITY OR THE PROPRIETOR) MEASURING 5.906 ACRES IN CYBERJAYA KNOWN AS “ANGKASA ICON CTITY”)

 

Further to the Company’s announcement dated 22 December 2014, the Board of Directors of Nexgram is pleased to announce that Nexgram Development and Nextnation Datacity (both wholly-owned subsidiaries of Nexgram), had today entered into a Restated Off Take Agreement cum Sale and Purchase Agreement with MyAngkasa, where the  Proprietor and the Developer agree to sell and the Purchaser agrees to purchase the entire development project comprising a mixed commercial development known as “ANGKASA ICON CITY” to be undertaken by the Developer on a freehold land measuring 5.906 acres in Cyberjaya held by the the Proprietor for a total consideration of RM700,278,750 (“Purchase Price”).

 

The Restated Off Take Agreement cum Sale and Purchase Agreement hereby supersedes the earlier Off Take Agreement cum Sale and Purchase Agreement dated 22 December 2014, the structure of changes on the Developer as below:-

 

  1. During earlier of the year 2018, Nexgram group of companies (“the Group”) has undergone an internal restructuring scheme for the purpose of streamlining our operations more efficiently and also for better corporate governance within the Group.
  2. As a result of this internal restructuring exercise, we have transferred the entire property development business via deed of novation from Nexgram Land Sdn Bhd (now known as Coconut Three Sdn Bhd) to Nexgram Development Sdn Bhd (formerly known as Jumbovest Sdn Bhd) Both companies are wholly owned subsidiary of Nexgram Holdings Bhd and share exactly the same equity structure within the Group.
  3. Going forward from here, Nexgram Development Sdn Bhd will undertake all the development responsibilities from Nexgram Land Sdn Bhd, and that include the development of Cyberjaya “Angkasa Icon City” project with Angkasa Group. As a matter of fact, the new revised Development Order with the building structures and plan as required by Angkasa, will soon be issued to Nexgram Development Sdn Bhd by the Sepang Land Office.
  4. For all intent and purposes, Nexgram Development Sdn Bhd will take-over from Nexgram Land Sdn Bhd and continue to undertake the development responsibilities for Angkasa project which has existed since Year 2014.
  5. Therefore, the Group had requested MyAngkasa Bina Sdn Bhd (“Angkasa”) continue this project with Nexgram Development Sdn Bhd, with our pre-agreed terms & conditions, and development plan and design which have been continually upgraded by both parties since Year 2014.

 

 

This announcement is dated 24 August 2018.

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5892601