KUALA LUMPUR: Nexgram Holdings Bhd gained as much as 7.14% to 7.5 sen per share yesterday on news it had secured two offtake cum sale and purchase agreements with MyAngkasa Bina Sdn Bhd for developments worth RM1.44 billion cash.

However, Nexgram shares pared some gains to end the day at seven sen, unchanged from the previous day’s closing. The counter was among the top active stocks on the local bourse, with some 23.63 million shares changing hands.

Yesterday, Nexgram said its wholly-owned subsidiaries, Nexgram Land Sdn Bhd and Nextnation Datacity Sdn Bhd, had inked the first offtake cum sale and purchase agreements with MyAngkasa in which the subsidiaries would sell “Angkasa Icon City” for RM1.15 billion.

Angkasa Icon City will be developed by Nexgram Land on a 2.39ha piece of freehold land held by Nextnation Datacity in Cyberjaya.

MyAngkasa Bina is a subsidiary of Angkatan Koperasi Kebangsaan Malaysia Bhd.

Additionally, Nexgram Land had entered into a second offtake cum sale and purchase agreement with MyAngkasa and Top Valley Properties Sdn Bhd for another development for RM297.39 million.

The development project would also be undertaken by Nexgram Land and will be built on a piece of land neighbouring Putrajaya.

Both agreements were entered into following two memoranda of understanding (MoU) entered into by Nextnation and MyAngkasa in September.

The MoUs with MyAngkasa were for the proposed joint development of the Cyberjaya and Putrajaya projects.

Nextnation noted that both projects should be completed by the developer and vacant possession delivered to the purchaser within 60 months from the date of approval or extended approval periods.

This article first appeared in The Edge Financial Daily, on December 24, 2014.