In a filing with Bursa Malaysia, the information technology, property development and construction group said its wholly owned subsidiary, Nexgram Land Sdn Bhd (NLSB), had inked a conditional joint development agreement with ChinaAsian Capital Holding, a company incorporated in Seychelles.
The statement did not give the background of ChinaAsian Capital Holding such as who are its shareholders, or how the profits would be divided between the joint developers.
To recap, NLSB and another Nexgram subsidiary Nextnation Datacity Sdn Bhd had in December 2014 entered into an agreement to sell the entire Angkasa Icon City development to MyAngkasa Bina Sdn Bhd, a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd (Angkasa), for RM1.15bil.
At that time, the project on 5.906 acres was scheduled to be completed by end-2019.
Based on the latest announcement, the project will comprise of a hotel block, a block of SoVo (small office versatile office) and a block of service suite apartments.
Nexgram incurred losses of RM8.49mil in the first half of its financial year ended July 31, 2017.