Kuala Lumpur, 20 June 2016: Nexgram Holdings Bhd, a public listed company proposed to acquire 70% equity interest in Blue Hill Development Sdn Bhd by Nexgram Land, a wholly-owned subsidisry of the company.

According to Bursa Malaysia announcement, Pursuant to Rule 9.19(24) of the ACE Market Listing Requirements of Bursa Malaysia Securities Berhad, the Board of Directors of Nexgram Holdings Berhad (“Board”) wishes to announce that Nexgram Land Sdn. Bhd. (“NLSB”), a wholly-owned subsidiary of the Company, had on 14 April 2016 entered into a conditional share sale agreement (“Agreement”) with Spacious Glory Sdn. Bhd. (“SGSB” or “Vendor”) to acquire 770,000 ordinary shares of RM1.00 each in Blue Hill Development Sdn. Bhd. (“Sale Shares”) (“Blue Hill”) from SGSB, representing 70% of the issued and paid up share capital of Blue Hill, for a total purchase consideration of RM12,500,000.00 ("Purchase Consideration") (“the Acquisition”).

Blue Hill was incorporated on 13 October 2003 with the principal activities of rendering management service, housing development and building construction, civil and electrical engineering works. The authorised share capital of Blue Hill is RM5,000,000.00 divided into 5,000,000 ordinary shares of RM1.00 each and the issued and paid up share capital is RM1,100,000.00 divided into 1,100,000 ordinary shares of RM1.00 each.

The Purchase Consideration is arrived at based on a willing buyer-willing seller basis, after taking into consideration of the future earnings potential of Blue Hill resulting from the robust construction sector based on the current projects in hand, there is an unbilled contracts amounting to approximately RM60.0 million; revenue of Blue Hill has increased by more than 62% in year 2015 compared to year 2014; and profit guarantee of RM2.0 million by the Vendor for the financial year ending 30 September 2017.

The acquisition is believed to bring positive contribution to the group in the long-term, and inline with existing group business strategy to grow the construction, property and infrastructure business.

Nexgram Holdings Berhad (“Nexgram Group”) is a public listed investment holding company based in Kuala Lumpur, Malaysia. As of to date, it operates through the following segments: Telecommunication, Security & Surveillance, Software Development, Property Development, Industries, Business Advisories and Investment activities.

SP Review

http://www.bursamalaysia.com/market/listed-companies/company-announcements/5063965

OTHERS NEXGRAM HOLDINGS BERHAD ("NEXGRAM" OR "THE COMPANY") - ACQUISITION OF 70% EQUITY INTERESTS IN BLUE HILL DEVELOPMENT SDN. BHD. BY NEXGRAM LAND SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

NEXGRAM HOLDINGS BERHAD ("NEXGRAM" OR "THE COMPANY")
- ACQUISITION OF 70% EQUITY INTERESTS IN BLUE HILL DEVELOPMENT SDN. BHD. BY NEXGRAM LAND SDN. BHD., A WHOLLY-OWNED SUBSIDIARY OF THE COMPANY

Please refer attachment below.