<div class=newsTextDataWrapInner><p>KUALA LUMPUR (July 18): Nexgram Holdings Bhd’s wholly-owned subsidiary, Nexgram Land Sdn Bhd, is being sued by Spacious Glory Sdn Bhd for RM12.5 million over a 70% stake in Blue Hill Development Sdn Bhd it had agreed to acquire in April last year from the plaintiff.</p></div>

<div class=newsTextDataWrapInner><p>The sum represents the purchase consideration for 770,000 ordinary shares in Blue Hill, which it was supposed to pay to Spacious Glory.</p></div>

<div class=newsTextDataWrapInner><p>According to an announcement by Nexgram today, the group has a strong defence and counter-claim against Spacious Glory, and therefore does not expect the writ and statement of claims to impact it financially and operationally.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“As the matter has been fixed for case management on July 28, 2017, Nexgram is in the midst of appointing its solicitors,” it said.</p></div>

<div class=newsTextDataWrapInner><p>The counterparty is also claiming interest at the rate of 5% per annum on the RM12.5 million from Aug 4, 2016, costs, and any other order that the court deems fit, Nexgram added.</p></div>

<div class=newsTextDataWrapInner><p>Nexgram is involved in the ICT business and had diversified into property development.</p></div>

<div class=newsTextDataWrapInner><p>Shares in Nexgram were up 0.5 sen or 12.5% today at 4.5 sen per share on 1.13 million shares traded, leaving it with a market capitalisation of RM84.7 million.</p></div>


KUALA LUMPUR (July 18): Nexgram Holdings Bhd’s wholly-owned subsidiary, Nexgram Land Sdn Bhd, is being sued by Spacious Glory Sdn Bhd for RM12.5 million over a 70% stake in Blue Hill Development Sdn Bhd it had agreed to acquire in April last year from the plaintiff.

The sum represents t...

Nexgram sued for RM12.5 million over proposed acquisition of 70% stake in Blue Hill

Southeast Asian governments are grappling with the challenges of rising energy demand, a burgeoning middle class, strong pressure not to increase energy and electricity prices, and the need to deliver just and equitable growth — before even considering ambitious plans to decarbonise and build industries of tomorrow.

Southeast Asia remains off-track in net zero ambitions 

KUALA LUMPUR (May 1): Apex Equity Holdings Bhd's external auditor is unconvinced that the group will be able to recover RM23.8 million in loan receivable, though its directors is confident that the sum is recoverable and had made no impairment loss in its financial statements for the year ended D...

Apex Equity's auditor unconvinced the group can recover a RM24 mil loan

The meeting between Defence Minister Datuk Seri Mohamed Khaled Nordin and his Indonesian counterpart Prabowo Subianto on Tuesday discussed various issues, including security challenges and promoting stability in the Southeast Asian region.

Defence ministers of Malaysia, Indonesia discuss security, regional preparedness

Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday (April 30):

Bursa, SimePlant, SEGi, Capital A, Duopharma, Rimbunan Sawit, MKHOP, Tasco, CIMB, Atrium REIT, KSL, GUH, Lebtech, Mentiga, Ge-Shen, Green Packet, Apex Equity

Fraser & Neave Holdings Bhd (F&N) posted a net profit of RM165.41 million in the second quarter ended March 31, 2024 (2QFY2024), higher by 63.48% compared to RM101.18 million a year before, driven by higher sales amid Chinese New Year and Hari Raya festival seasons and better margins.

Festive sales and better margins lift F&N’s 2Q net profit by 63%

KUALA LUMPUR (May 1): Malaysia’s top six universities have soared in Times Higher Education’s (THE) 2024 Asia University Rankings, compared to last year’s performance.

Malaysian universities rise in Times Higher Education’s 2024 Asia rankings

The Selangor government aims to eradicate hardcore poverty in the state by July, says Menteri Besar Datuk Seri Amirudin Shari.

He said this was based on the briefing from the Selangor Development Action Council which recorded a total of 861 families still in the hardcore poor category.

Selangor govt aiming to eradicate hardcore poverty by July — Amirudin 

The federal government is always committed to empowering national schools, but parents retain the right to choose the educational stream for their children, said PKR vice-president Nik Nazmi Nik Ahmad.

Parents' right to pick children's educational stream — Nik Nazmi

The proposed sale of Cyberjaya Education Group Bhd's Asia Metropolitan University license and business to Austin Legacy Education Sdn Bhd for RM15 million cash has fallen through.

Cyberjaya Education's RM15 mil sale of Asia Metropolitan University falls through

MKH Oil Palm (East Kalimantan) Bhd (MKHOP), fresh off its Main Market debut on Tuesday, is anticipating a reduction of fertiliser costs this year, which will have a positive impact on the company's margins and its bottomline.

Main Market debutante MKH Oil Palm anticipates stronger margins this year on lower fertiliser costs

<p>Capital A CEO Tan Sri Tony Fernandes said the low-cost carrier, which will soon merge with AirAsia X Bhd (AAX), to incorporate a “sustainability fee soon”.</p>


AirAsia will charge 'sustainability fee soon' in airfares

<p>Oil palm plantation player MKH Oil Palm (East Kalimantan) Bhd (MKHOP) is the second company this year to conclude its maiden trading day on Bursa Malaysia with its share price slipping below its initial public offering (IPO) price.</p>


MKH Oil Palm dips below IPO price at the close of its maiden trading day

<p>Chin Hin Group-linked Chiau Haw Loon and Chiau Haw Yew have emerged as the second largest shareholder of Ge-Shen Corp Bhd after acquiring a 18.31% stake in the company.</p>


Chin Hin’s Chiau family buys 18.31% in Ge-Shen for RM30.36 mil

<p>Cocoa plunged by the most ever, slumping as much as 27% in just two days, with price swings becoming more extreme as fewer investors and companies can afford to maintain trading positions.</p>


Cocoa plunges most ever with trader exodus sparking huge moves

<p>Capital A Bhd may seek to re-acquire the 50% stake in ground-handling unit Ground Team Red Holdings Sdn Bhd (GTR) that will be sold to AirAsia X Bhd (AAX) in the ongoing restructuring exercise.&nbsp;</p>


Capital A may keep ground-handling unit housed in AirAsia, says Tony Fernandes

<p>Here is a brief recap of some business news and corporate announcements that made the headlines on Tuesday (April 30):</p>


<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>Green Packet Bhd is undertaking a private placement of 598.48 million shares representing 30% of its issued shares for 3.2 sen apiece or RM19.15 million.</p>


Green Packet undertakes 30% private placement to raise RM19.15 mil at 3.2 sen a share

<p>PUTRAJAYA (April 30): Perlis Menteri Besar Mohd Shukri Ramli on Tuesday testified for almost nine hours at the Malaysian Anti-Corruption Commission (MACC) headquarters here.</p>

<p>The Toyota Noah vehicle carrying him was seen leaving the MACC compound at 6.55pm after appearing to give his sta...

Perlis MB gives statement for almost nine hours in MACC

<p>KUALA LUMPUR (April 30): When it comes to technology (tech), the goal should not be to use the most difficult tech available to do something. Instead, the ultimate goal is to make it simple and cost-effective. This is what Michele Ferrario, co-founder and chief executive officer of Stashaway, aims to achieve with the robo-advisory platform.</p>


Keeping it simple

<p>Johor property player KSL Holdings Bhd proposed to acquire 22 land parcels in Pulai measuring a total of 183.33 acres for RM211.58 million.</p>


KSL buying Pulai land from Tropicana Corp for RM211 mil

<p>The Sessions Court here on Tuesday was told that the contract for the ‘Central Spine Road: Sertik to East Coast Highway Intersection’ project worth RM232 million was awarded to Nepturis Sdn Bhd.</p>


Central Spine Road project worth RM232 mil awarded to Nepturis, says witness

<p>KUALA LUMPUR (May 1): Malaysia’s top six universities have soared in Times Higher Education’s (THE) 2024 Asia University Rankings, compared to last year’s performance.</p>


<p>Duopharma Biotech Bhd has accepted 11 letters of offers from a subsidiary of Pharmaniaga Bhd to supply 86 pharmaceutical and/or non-pharmaceutical products worth RM578.09 million in total, to government offices and facilities that Pharmaniaga operates.</p>


Duopharma secures RM578 mil supply contracts from Pharmaniaga

<p>PT CIMB Niaga Tbk, the 92.5%-owned subsidiary of CIMB Group Holdings Bhd, reported a 6.3% year-on-year growth in its consolidated net income for the financial quarter ended March 31, 2024 (1QFY2024). The bank attributed the improved earnings to healthy loan growth, improved asset quality indicators and effective cost management.</p>


CIMB Niaga’s 1Q consolidated net income up 6.3%

<p>The external auditor of Mentiga Corp Bhd, which is involved in oil palm plantation and timber trading, has flagged that the loss-making group's current liabilities have significantly surpassed its group's current assets, based on its financial statements for the year ended Dec 31, 2023.</p>


Auditor raises doubt about Mentiga's going concern ability as liabilities exceed assets

<p>Construction outfit Lebtech Bhd’s external auditor has issued a material uncertainty that may cast significant doubt on the group’s ability to continue as a going concern in its audited financial statements for the financial year ended Dec 31, 2023 (FY2023).</p>


Lebtech's auditor flags going concern uncertainty due to reliance on related parties for business 

<p>The proposed sale of Cyberjaya Education Group Bhd's Asia Metropolitan University license and business to Austin Legacy Education Sdn Bhd for RM15 million cash has fallen through.</p>


<p>he Malaysian Anti-Corruption Commission (MACC) has detained two high-ranking officers of a water supply company in the state on suspicion of receiving bribes from two contractors.</p>


MACC detains two water supply company officers over alleged bribery

<p>Singapore’s financial regulator is ending a six-month ban that restricted DBS Group Holdings Ltd from non-essential activities, after the country’s largest lender improved weaknesses related to a series of glitches in its digital banking services.</p>
