KUALA LUMPUR (April 16): ACE Market-listed Nexgram Holdings Bhd (KL:NEXGRAM) has been served with a winding-up petition by Maybank Islamic Bhd for allegedly failing to settle an outstanding amount of RM1.77 million.

In a filing with Bursa Malaysia on Wednesday, the information technology services provider said the petition stems from its role as a corporate guarantor for former sub-subsidiary Tri-G Technologies Sdn Bhd.

According to the petition, Nexgram owed RM1.77 million as at May 31, 2023, under a Commodity Murabahah Term Financing-i facility, along with late payment charges and court costs of RM1,900, based on a judgement dated Sept 1, 2023.

Maybank Islamic is seeking an order to wind up Nexgram, appoint an official receiver as the liquidator, and recover costs from the company’s assets.

Nexgram said it intends to challenge the petition, and also engage in negotiations with Maybank Islamic to resolve the issue.

The company, however, cautioned that if it fails to defend itself in the petition, it may lead to the cessation of its operations.

"Save for the legal fees and disbursements involved in opposing the petition, the company does not expect to incur further losses arising from the petition," it added.

For the quarter ended Jan 31, 2025, Nexgram reported a net profit of RM3.76 million, mainly driven by higher operating income from the disposal of its logistics and healthcare divisions. Revenue for the three-month period totalled RM13.35 million, entirely contributed by its ICT Malaysia division.

As of end-January 2025, Nexgram’s cash and cash equivalents stood at RM2.56 million, against total borrowings of RM10.6 million.

Shares in Nexgram ended half a sen or 25% lower at 1.5 sen on Wednesday, giving the company a market capitalisation of RM13.3 million.