KUALA LUMPUR: Nexgram Holdings Bhd
, which is being queried by the Securities Commission and Bursa Malaysia on the existence of certain assets said to belong to three subsidiaries, has acknowledged that there may be “inconsistencies” on details of some of the group’s assets and formed a special committee to address the issue.
In a filing with Bursa Malaysia, the IT services provider and property developer said representatives of its due diligence committee had informed its board of their observations following their visit to Indonesia.
“The Nexgram board has formed the view that such observations appear to potentially point to inconsistencies with regards to details of certain assets within the Nexgram group,” it said.
The board has created a special committee to take steps to deal with the matter, including appointing a special auditor. The committee members are its executive director Chen Chuen Sum and non-executive directors Fu Lit Fung, Helmi Faisal Fuad and Zaharin Ahmad Zamani.
On its proposed takeover offer for Ire-tex’s remaining shares, Nexgram said the SC had approved the application for the withdrawal of the offer. “In view thereof, the offer has now ceased and all acceptances received pursuant to the offer shall be returned to the accepting holders,” it added.
To recap, on Jan 11, Nexgram had announced it was disposing of three subsidiaries, including Nexgram Resources Sdn Bhd, for a total of RM12,000; and the following day the disposal of its 69.6% equity in Godynamic Investments Ltd (GIL) for RM34.8mil.
On Jan 15, the SC issued a statement rebuking Nexgram’s conduct of selling Nexgram Resources, GIL and GIL’s 84% owned subsidiary PT Semesta Tirta Antara Raya.
The regulator said these subsidiaries were the subject of an ongoing enquiry conducted by it in relation to the accuracy of information disclosed in the offer document to Ire-Tex shareholders. At the same time, Bursa Malaysia was seeking verification from Nexgram on the existence of assets belonging to these companies.
Nexgram shares closed unchanged at 6 sen on Friday, with 11.048 million shares being traded.
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