NEXGRAM HOLDINGS BERHAD
Type: Announcement
Subject: MATERIAL LITIGATION
Description: NEXGRAM HOLDINGS BERHAD (660055-H) (Nexgram or the Company)
Kuala Lumpur High Court Writ Summons No. WA-22NCC-291-07/2017
Writ of Summons and Statement of Claim Served on Nexgram by
Spacious Glory Sdn Bhd (the Plaintiff)
Further to the announcement made by the Company on 18 July 2017 and 28 July 2017 on commencement of litigation, the Board of Directors of the Company wishes to make further announcement that at the case management of this suit fixed on 28 July 2017, the defendant have been given by the Senior Assistant Registrar to file its Defense and Counter-Claim by 15 August 2017. The Senior assistant Registrar of the High Court have also fixed the next Case Management date on 18 August 2017 before the High Court Judge for the Parties to seek further direction from the Honourable Court.
DR KIM NEXGRAM IN DEEP S+H+I+T NOW! LOSE MONEY! 
DOOMSDAY! SAMAN MALU BERJUTA JUTA AROUND THE CORNER!

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.