Nexgram to buy 70% stake in Top Symphony for RM24.8mil


PETALING JAYA: Nexgram Holdings Bhd has proposed to acquire a 70% equity interest in Top Symphony Sdn Bhd for RM24.8mil.

In a filing with Bursa Malaysia yesterday, the company said its unit Nexgram Land Sdn Bhd entered into an with South Venture Holdings Ltd to acquire 4.2 million shares in Top Symphony.

Nexgram said the proposed acquisition would allow it to participate in Fiji’s economic development and growth process, which is still currently in the early stages of development.

The proposed acquisition will be financed by a combination of internal funds and/or bank borrowings.

Nexgram does not expect the proposed acquisition to have any significant effect on its earnings for the financial year ending April 30, 2015.

Nexgram expects the proposed acquisition to be completed in the third quarter of the 2015 financial year.

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