Nexgram unit scraps RM62 mil land acquisition deal

• In a bourse filing on Wednesday (Feb 15), the information, communication and technology (ICT) services provider said the sale and purchase agreement (SPA) between its wholly owned subsidiary Nexgram Biomedic Sdn Bhd and MCorp was terminated, given the pair were unable to fulfil certain conditions required under the agreement after numerous extensions of time.

KUALA LUMPUR (Feb 15): ACE Market-listed Nexgram Holdings Bhd’s unit has terminated a deal with Melaka Corporation (MCorp) pertaining to the acquisition of a 10.031-hectare piece of land in the state for RM61.53 million cash.

In a bourse filing on Wednesday (Feb 15), the information, communication and technology (ICT) services provider said the sale and purchase agreement (SPA) between its wholly owned subsidiary Nexgram Biomedic Sdn Bhd and MCorp was terminated, given the pair were unable to fulfil certain conditions required under the agreement after numerous extensions of time.

“The parties have mutually agreed not to further extend and (have) agreed to terminate the SPA and upon such termination, the SPA shall become null and void with immediate effect from [Feb 15],” the company added.

Based on prior filings with Bursa Malaysia, Nexgram Biomedic and MCorp (then known as Perbadanan Kemajuan Negeri Melaka) had inked the agreement nearly two years prior on July 1, 2021.

Nexgram had proposed to utilise the land for a mixed development dubbed the “Melaka Lifecare Specialist project”, which had a proposed gross development value of RM1.6 billion.

The proposed development was to comprise a hospital building, service offices, wellness centre and bioscience research centre, retirement and medical tourism, a three-star hotel and condo hotel, as well as a commercial and recreation park.

Shares in Nexgram ended one sen or 20% lower at four sen on Wednesday, giving the company a market capitalisation of RM15.9 million.