Nexgram ends JDA with Chinese firm

PETALING JAYA: China Asian Capital Holding Ltd (CACH) is no longer the joint developer and turnkey contractor for Nexgram Holdings Bhd’s mixed commercial development project “Angkasa Icon City” in Sepang.
In a filing with Bursa Malaysia today, Nexgram said both parties have agreed to discontinue a joint development agreement (JDA) for the project, which was executed on May 19, 2017.
The JDA lapsed on Aug 18, 2017 and both parties agreed to discontinue after a few discussions.
To recap, Nexgram’s wholly owned subsidiary Nexgram Land Sdn Bhd had entered into the JDA with CACH to appoint CACH as joint developer and turnkey contractor to undertake the development of the Angkasa Icon City project comprising one block of hotel, one block of Sovo (serviced office, virtual office) and one block of serviced apartments.
Nexgram’s share price rose 0.5 sen or 14.29% to close at 4 sen today with a total of 374,200 shares traded.