ACQUISITION OF SHARES IN INTRA BINARAYA SDN. BHD., A WHOLLY OWNED SUB-SUBSIDIARY OF NEXGRAM [14 Sep 2018]

OTHERS NEXGRAM HOLDINGS BERHAD (“NEXGRAM” OR “THE COMPANY”) – ACQUISITION OF SHARES IN INTRA BINARAYA SDN. BHD., A WHOLLY OWNED SUB-SUBSIDIARY OF NEXGRAM

NEXGRAM HOLDINGS BERHAD

 

Type Announcement
Subject OTHERS
Description
NEXGRAM HOLDINGS BERHAD ("NEXGRAM" OR "THE COMPANY")
- ACQUISITION OF SHARES IN INTRA BINARAYA SDN. BHD., A WHOLLY OWNED SUB-SUBSIDIARY OF NEXGRAM

1. INTRODUCTION

The Board of Directors of NEXGRAM wishes to announce that the Company, in line with an internal restructuring, the Company had acquired two million (2,000,000) ordinary shares of RM1.00 each, representing 100% equity interest in Intra Binaraya Sdn. Bhd. (“IBSB”) for a total cash consideration of RM1.00 (Ringgit Malaysia: One) only (“Acquisition”). Consequent thereto, IBSB became a wholly-owned subsidiary of NEXGRAM.

2. INFORMATION OF IBSB

IBSB was incorporated in Malaysia under the Companies Act, 1965 on 9 October 2014. The issued share capital of IBSB is 2,000,000 ordinary shares at RM1.00 each

IBSB was a subsidiary of Nexgram Land Sdn. Bhd. (now known as Coconut Three Sdn. Bhd) (“NLSB”), while NLSB wholly-owned by NEXGRAM. With the completion of the transfer, IBSB now become a direct wholly-owned subsidiary of NEXGRAM.

The principal activities of IBSB are wholesale of a variety of goods, real estate activities with own leased property, stock share and bond brokers.

3. FINANCIAL EFFECTS

The Acquisition is not expected to have any material effects on the earnings or net assets of the Company for the financial year ending 31 July 2019.

4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS

Other than their respective interests through NEXGRAM, none of the Directors and/or major shareholders of NEXGRAM or persons connected to them has any interests, direct or indirect, in the Acquisition.

5. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors of NEXGRAM, having taken into consideration all aspects of the Acquisition, is of the opinion that the Acquisition is in the best interest of NEXGRAM.

6.BASIS OF CONSIDERATION

The purchase price is derived at on a “willing buyer willing seller” after taking into consideration the latest unaudited financial statment for the financial year ended 31 July 2017.

This announcement is dated 14 September 2018.