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 the purchase consideration for 770,000 ordinary shares in Blue Hill, which it was supposed to pay to Spacious Glory.

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.

“As the matter has been fixed for case management on July 28, 2017, Nexgram is in the midst of appointing its solicitors,” it said.

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.

Nexgram is involved in the ICT business and had diversified into property development.

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.