IMS Development Sdn Bhd agreed to acquire 11 Storey Stratified Office Building, Nexgram Tower by Coconut Three SDN BHD from Nexgram Holdings Berhad (KLSE:NEXGRAM) for MYR 67 million on January 3, 2019. The consideration in respect of the sale & purchase of the said property shall be a total amount of Ringgit Malaysia Sixty Seven Million (RM67,000,000.00) Only, which shall be satisfied by payment of deposit of Ringgit Malaysia Six Million Seven Hundred Thousand (RM6,700,000.00) made by the Purchasers to the Vendor on the date of signing this Agreement. The Balance Purchase Price of Ringgit Malaysia Sixty Million Three Hundred Thousand (RM60,300,000.00) only shall be paid by the Purchaser to the Purchaser’s Solicitors as stakeholder within four (4) months from the Unconditional Date of the Agreement. The agreement is conditional upon approval of board of directors and shareholders. The Agreement shall also be conditional upon placement of Ringgit Malaysia Twelve Million Five Hundred Thousand (RM12,500,000.00) only (“Judgment Sum”) out of the Balance Purchase Price, in the Vendor’s Solicitors interest bearing Client’s Account to comply with the Kuala Lumpur High Court Order dated 14 December 2018 in respect of the Judgment dated 20 July 2018 pending full disposal of Vendor’s appeal in the Court of Appeal, The Vendor shall obtain an amendment/ clarification of the Court Order, wherein the amendment/ clarification shall stipulate that in effect, clause 2.3 (a) (viii) above is not a Condition Precedent of he Agreement, but a condition of the agreement. Therefore, the placement of the judgment Sum may be made at any time before Completion Date. The transaction is also subject to approval of any government approval. As of August 8, 2019 the transaction is expected to be completed by the 4th quarter of 2019. The required approval of board and shareholders have been received.