We refer to your Company’s announcement dated 8 August 2025, in respect of the aforesaid matter.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-
1) It is noted that the Purchase Consideration was funded through a combination of the Group’s short-term borrowings (RM40.00 million) and internally generated funds (RM36.78 million). To disclose the Group’s cash and bank balances as at the LPD after excluding the proceeds raised from the first tranche of the Private Placement which was completed on 31 July 2025.
2) It is noted that the market price of Classita shares at the closed of business on 8 August 2025 was RM0.08 per share. In this regard, to provide:
(a) The percentage of premium paid by the Company over the market price of Classita shares.
(b) Additional explanation on the basis and justification of arriving at the Purchase Consideration given the market price of Classita shares was below RM0.10 for the past 1 year, more so given the Purchase Consideration is funded through a combination of short-term borrowings and internally generated funds.
(c) The Board’s view on the reasonableness of the acquisition price of RM0.15 per share.
3) Given the premium paid over the market price of Classita shares and minimal contribution of Property Development and Construction segment to the total revenue of Classita, to further elaborate the urgency of acquiring Classita shares at this juncture.
4) Based on the announcement made by Hong Seng on 8 August 2025, it is noted that it had recorded an impairment loss of RM34,520,000 on its investment in Classita, and the carrying value as at 31 March 2025 was RM25,788,685. Please provide additional explanation whether this was taken into account in NEXG’s assessment on the acquisition, specifically in terms of the basis and justification of the purchase consideration, the rationale as well as risk factors concerning the acquisition.
5) It is noted that the rationale for the Acquisition is to provide a strategic opportunity for NEXG to expand into property and construction sector. To further justify the expansion by providing the following information:
(a) Breakdown of Classita’s current order book based on financial years to be recognised.
(b) Details of Classita’s development projects including the contract value / gross development value, status of the development projects, type of the development projects, and whether the projects are part of the government-led initiatives.
(c) Synergistic value between Classita’s property development and construction segment and NEXG’s current businesses in technology sector taking into consideration the minimal contribution of the Property Development and Construction segment to Classita’s total revenue as well as the timeline for NEXG to realise these synergies.
6) As mentioned in Section 3 of the announcement, Classita Group owns several parcels of strategic land. In this regard, to provide further details of the strategic lands own by Classita which include but not limited to title, the land area, location, whether the land assets are freehold or leasehold, tenure, current use, and net book value based on latest audited financial statements.
7) In relation to the acquisition of 414,312,800 warrants in Classita, to provide the following information:
(a) The exercise price of the warrants.
(b) The rationale for acquiring the warrants.
(c) The details of the non-related parties to which the warrants were acquired via direct business transactions.
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