Nexgram to develop 2.15ha land in Dengkil through joint venture

KUALA LUMPUR (Feb 5): Nexgram Holdings Bhd has entered into a joint venture agreement with Top Valley Properties Sdn Bhd (TVP) to construct and develop a 2.15 hectare leasehold agriculture land in Dengkil, Selangor.

Under the agreement, TVP has granted the sole and exclusive development rights on the said property to Nexgram Land Sdn Bhd, which is wholly-owned by Nexgram.

The plan is for a mixed property development, comprising three blocks of towers with service apartments, commercial and retail shops.

Based on Nexgram’s filing with Bursa Malaysia, TVP will be entitled to 4.5% of the gross development value of the proposed development, while Nexgram Land will be entitled to the remaining 95.5%.

Nexgram Land will be responsible for the development financing, which will be funded by internally-generated funds and bank borrowings.

Nexgram (fundamental: 2.3; valuation: 2.4) closed unchanged at 8 sen today, with a market capitalisation of RM150.62 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)