KUALA LUMPUR (July 20): Nexgram Holdings Bhd’s wholly-owned subsidiary Nexgram Land Sdn Bhd has obtained the development order from the Sepang Municipal Council with respect to the RM1.15 billion “Angkasa Icon City” project, according to Nexgram’s filing with Bursa Malaysia today.

To recap, Nexgram’s subsidiaries Nexgram Land and Nextnation Datacity Sdn Bhd had entered into an off-take cum sale and purchase agreement with MyAngkasa Bina Sdn Bhd in December last year, which would see Nexgram Land undertaking the Angkasa Icon City mixed commercial development project on 5.906 acres owned by Nextnation in Cyberjaya, Selangor.

The Cyberjaya project will be developed by Nexnation in three phases; the first phase is office and commercial lots, second phase will comprise shop office/virtual office, while the final phase will have service suites.

The development will then be sold by Nexgram Land and Nextnation to MyAngkasa Bina, a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd, for RM1.15 billion.

Nexgram’s (fundamental: 1.95; valuation: 1.1) shares closed up 0.5 sen or 5.26% today to 10 sen with a market capitalisation of RM188.2 million.

(Note: The Edge Research's fundamental score reflects a company’s profitability and balance sheet strength, calculated based on historical numbers. The valuation score determines if a stock is attractively valued or not, also based on historical numbers. A score of 3 suggests strong fundamentals and attractive valuations.)