Nexgram to acquire property management rights in Langkawi for RM22.5m [13 Mar 2023] Press Release

13 Mar 2023, Kuala Lumpur

KUALA LUMPUR (March 13): A day after Nexgram Holdings Bhd aborted its deal to buy Wings By Croske Resort Langkawi Sdn Bhd (WINGS) for RM90 million, the ACE Market-listed firm now says it wants to acquire the management rights of a piece of land in LangkawiKedah, from the resort operator for RM22.5 million instead.

In a filing with Bursa on Friday (March 10), Nexgram said its wholly-owned unit Medic Asset Group Sdn Bhd (MAGSB) has entered into a conditional sale and purchase agreement with WINGS to acquire the entire management rights of a 16,900 sq m piece of land together with the 218-room Century One Helang Hotel Langkawi.

The acquisition will be satisfied via the issuance of 250,000 redeemable convertible preference shares (RCPS) at an issue price of RM90 per RCPS in MAGSB to the vendor, namely WINGS.

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