Nexgram in RM118m partnership with Central Spine Road sub-contractor – [17 August 2020] The Edge

KUALA LUMPUR (Aug 17): Nexgram Holdings Bhd said today its wholly-owned unit Intra Binary Sdn Bhd (IBSB) is partnering Faldze Holdings Sdn Bhd (FHSB) for a sub-contract under the Central Spine Road project.

The project — awarded to FHSB from main contractor Pembinaan Jaya Zira Sdn Bhd — is Section D, Package 3 of the CSR project from Bulatan Gua Musang to Mentara, Kelantan worth RM145 million.

IBSB’s portion of the sub-contract, said Nexgram, is valued at RM118.41 million. On the other hand, FHSB’s portion entailed RM26.56 million inclusive of RM14.55 million provisional sum, it said.

Under the partnership, IBSB will provide funding and advise on project execution. It will also undertake the construction of the project.

FHSB, meanwhile, will come in for administration, procurement, technical assistance, and liaising with the main contractor.

IHSB and FHSB entered into an unincorporated joint venture agreement on Aug 14, Nexgram said.

Shares of Nexgram slid half a sen or 7.69% to settle at 6 sen, valuing the group at RM159.67 million.