NEXGRAM Holdings Bhd is planning to buy the Century One Helang Hotel Langkawi for RM22.5 million.

In a stock exchange filing today, the company said the purchase price will be done via the issuance of 250,000 redeemable convertible preference shares (RCPS) at an issue price of RM90.

The company said its wholly-owned sub-subsidiary, Medic Asset Group Sdn Bhd (MAGSB), has today entered into a conditional sale and purchase agreement with Wings By Croske Resort Langkawi Sdn Bhd to piece of land 16,900 square metres together with the hotel that houses 218 guest rooms and all the facilities.

In its acquisition rationale, Nexgram said, “Due to Wings being appointed as government Langkawi International Maritime and Aerospace Exhibition (LIMA) 2023 hotelier, management decided to complete the business acquisition first to realise on the investment, while awaiting certain conditions subsequent to be completed for further consideration,” it said. 

Shares of Nexgram were unchanged on March 10 at four sen, while its market capitalisation stood at RM18 million. — TMR/pic source: Nextgram