KUALA LUMPUR (July 21): Nexgram Holdings Bhd rose as much as one sen to 11 sen, after the firm announced it secured the development order for the “Angkasa Icon City” project.

In a filing with Bursa Malaysia yesterday (July 20), Nexgram (fundamental: 1.95, valuation: 1.1) announced its wholly-owned subsidiary Nexgram Land Sdn Bhd obtained the development order from the Sepang Municipal council.

Today, Nexgram, the most-active stock across the bourse, pared gains at 10.5 sen at 10:26am, with some 26 million shares traded.

In December last year, Nexgram signed an off-take cum sale and purchase agreement with MyAngkasa Bina Sdn Bhd for the mixed commercial development project on 2.36ha (5.906 acres).

Nexgram is the land owner and developer for the project, which will be sold to MyAngkasa upon completion.

Today, Nexgram's announcement on the development order came at a time when the company's financials have weakened.

Net profit fell to RM6.98 million in financial year ended April 30, 2015, from RM14.28 million a year earlier.

Revenue was however higher at RM135.34 million versus RM102.07 million. Nexgram's latest reported net assets per share stood at 13.4 sen.

(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.)