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BackDec 10, 2018
Type Announcement
Subject OTHERS
Description

NEXTGREEN GLOBAL BERHAD DISPOSAL OF A WHOLLY-OWNED SUBSIDIARY COMPANY - FIRASAT PRIMA SDN. BHD.

Pursuant to Paragraph 9.19(24) of the Bursa Malaysia Securities Berhad Main Market Listing Requirements, the Board of Directors of Nextgreen Global Berhad (“NGGB” or the “Company”) wishes to announce that the Company has on 10 December 2018 entered into a Share Sale Agreement (“SSA”) with Macro Jaya Resources Sdn. Bhd. (“MJRSB”), for the disposal of 1,000,000 ordinary shares, representing the entire share capital in its wholly-owned subsidiary, Firasat Prima Sdn. Bhd. (“FPSB”) for a total cash consideration of Ringgit Malaysia Three Million (RM3,000,000.00) (“Consideration”) [“Disposal”].

The Consideration was arrived at on a “willing buyer willing seller” basis after taking into consideration the net assets and liabilities of FPSB and the agreement between Selayang Budaya Sdn. Bhd. and FPSB to jointly build and construct a project “Perumahan Rakyat 1Malaysia” (“PR1MA”) on all that piece of land measuring approximately 40 acres at Karak Setia, Mukim Sabai, Daerah Bentong, Negeri Pahang via a Perjanjian Usahasama which was entered on 24 December 2014.

INFORMATION OF MJRSB

MJRSB is a private limited company, incorporated in Malaysia and having its registered office at Excella Business Park, Unit K1, 2nd Floor, Jalan Ampang Putra, Taman Ampang Hilir, 55100 Kuala Lumpur. The company is engaged in the businesses of mechanical & electrical works and construction and civil works.

The directors of MJRSB are Leong Sook Yee and Tan Boon Choo @ David B Tan.

FINANCIAL EFFECTS OF THE DISPOSAL

The Disposal is not expected to have any material financial effects on the Company for the financial year ending 30 June 2019 in terms of earnings per share, net assets per share, and gearing of the Company.  However, the disposal will contribute to a one-off net gain of RM1.1 million to the Company.

The Disposal will not have any effect on the issued shares and substantial shareholders’ shareholding in the Company.

INTERESTS OF DIRECTORS, MAJOR SHAREHOLDERS AND/OR PERSONS CONNECTED TO THEM

None of the Directors, major shareholders and/or persons connected to them have any interest, whether direct or indirect in the Disposal.

This announcement is dated 10 December 2018





Announcement Info

Company Name NEXTGREEN GLOBAL BERHAD
Stock Name NGGB
Date Announced 10 Dec 2018
Category General Announcement for PLC
Reference Number GA1-10122018-00051