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Nexgram active after indirect unit gets housing development contracts

KUALA LUMPUR (Oct 14): Nexgram Holdings Bhd shares were actively traded in the early trade today after its 70% indirectly owned subsidiary bagged two housing development contracts.

At 9.48am, the counter was the most actively traded stock across the local exchange, gaining 0.5 sen or 8.33% to trade at its highest point so far at 6.5 sen. It was trading at 9.7 times its trailing 12-month price to earnings ratio.

Trading volume was heavy at 18.91 million between six sen and 6.5 sen. It closed at six sen yesterday, with 86.7 million shares traded.

At 6.5 sen, it has a market value of RM122.34 million.

According to its bourse filing yesterday, Nexgram said its 70% indirectly owned unit, Blue Hill Development Sdn Bhd, has established a joint venture with Suara Hati Sdn Bhd for the development of PR1MA homes in Gombak.

The company announced it had accepted a letter of intent from Suara Hati for the proposed construction of 1,138 units of homes comprising double-storey houses, apartment units and 20 retail units.

The development will sit on 49.43 acres of leasehold Malay land.

Separately, Blue Hill Development said it has also accepted a letter of intent to be the main subcontractor for the proposed construction of 462 apartment units in Bukit Katil, Melaka.

The project coordination and project management roles will be taken up by Good View Construction Sdn Bhd. The proposed contract work falls under the 1Malaysia Civil Servants Housing (PPA1M) scheme. — theedgemarkets.com

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