Nexgram to buy 10.03-hectare land in Melaka for RM61.53 mil

KUALA LUMPUR (July 13): Nexgram Holdings Bhd's wholly-owned subsidiary, Nexgram Biomedic Sdn Bhd (NBSB), has proposed to acquire a 10.03-hectare piece of leasehold land in Melaka from Melaka State Development Corporation (PKNM) for RM61.53 million.

Nexgram said this in response to Bursa Malaysia Securities Bhd’s query on the proposed land acquisition. To recap, Nexgram in an exchange filing in April 2021, said the acquisition of the land is expected to be developed as Melaka Lifecare Specialist project that has a gross development value of RM1.6 billion.

In a filing with Bursa Malaysia on July 13, Nexgram said there were “no contingent liabilities and guarantees to be assumed by NBSB, other than the quit rent, rates, assessments, taxes, utility bills, and other outgoings on the land, to be apportioned equally between the vendor and the purchaser on the date of vacant possession.”

Nexgram said the expected date of commencement of the project will be after the title deed of the land has been issued (within the cut-off date or the extended cut-off date), with the expected completion date being six years after commencement.

"The effects on the gearing of Nexgram group would depend on the breakdown of the source of funds to satisfy the proposed land acquisition which may be by way of internally-generated funds, financing or future corporate exercises.

"NBSB will decide on and announce the source of funds, as well as the effects on the gearing of Nexgram group, in due course," it added.

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