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Nexgram, Seychelles firm abort plan to jointly develop Cyberjaya project

KUALA LUMPUR (Dec 6): Nexgram Holdings Bhd has aborted its plan to jointly develop the Angkasa Icon City mixed commercial project in Cyberjaya, Selangor with Seychelles company China Asian Capital Holding Ltd (CACH).

In a filing with Bursa Malaysia today, Nexgram said its wholly-owned subsidiary Nexgram Land Sdn Bhd and CACH had agreed to discontinue the joint development agreement (JDA) signed on May 19 after a few subsequent discussions.

The JDA duly lapsed on Aug 18.

"Hence Nexgram Land decided to discontinue the JDA. The Bursa will be updated on any new development in due course," Nexgram added.

In May, Nexgram had appointed the little-known CACH as the joint developer and turnkey contractor for the development of Angkasa Icon City.

Nexgram said the project was to be built on land owned by another wholly-owned subsidiary, Nextnation Datacity Sdn Bhd. The proposed project was to comprise a hotel, a block of small office/virtual office and a block of service suite apartments.

Nexgram shares closed 0.5 sen or 14.29% higher at 4 sen today, giving it a market capitalisation of RM75.29 million. — theedgemarkets.com

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