29 May 2017 - According to The Star news, the RM1.15bil property project for Angkasa Icon City has finally found new partner to joint develop, looking at the size and scope of the project for small developer Nexgram Land Sdn Bhd which is too large to chew in a challenging business environment. Nexgram Land is a subsidiary of Nexgram Holdings Bhd.

 

Technically Nexgram share price has bottomed and consolidated to historical low and hover around RM0.045-RM0.05, following the down trend of most second liners across the region since year 2016, including stocks in Bursa Malaysia. Nexgram stock price has not play any catch up, nor current management spend any time on public relation or investor relation, a healthy signal for serious investors to consider when company main focus is on business to build values for investor. As for technical investors, the consolidation seems bottomed, but yet to break resistance around RM0.055 followed by RM0.07 and RM0.09 respectively.

 

Until the project generated significant results to the bottom line, investors are cautious in speculating on second liners across the board.

 

 

Sbiz Technical Chart

 

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Refers to The Star news:

 

20 May 2017, KUALA LUMPUR: Nexgram Holdings Bhd has brought in a partner, ChinaAsian Capital Holding Ltd, to undertake the RM1.15bil Angkasa Icon City development project in Cyberjaya.

 

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.

 

StarBiz

 

http://www.thestar.com.my/business/business-news/2017/05/20/nexgram-finds-a-partner-for-rm1pt15bil-cyberjaya-project/