KUALA LUMPUR (Sept 7): NexG Bina Bhd (KL:NEXGBINA), formerly known as Classita Holdings Bhd and originally as Caely Holdings Bhd, has called off formal talks to sell part of its long-standing lingerie business.
The heads of agreement for the sale of a 49% stake in wholly owned units, Classita (M) Sdn Bhd and Marywah Industries (M) Sdn Bhd, to a director of the units, Choo Peng Hung, was mutually terminated, according to a bourse filing on Monday.
The termination was due to there being no further material development since the heads of agreement was signed in September last year, said NexG Bina.
The deadline to ink a definitive agreement was extended by six months to Monday (Sept 7) in March this year.
Both Classita (M) and Marywah Industries manufacture undergarments, with their main plant located in Teluk Intan, Perak. Marywah also makes protective facial masks and personal protective equipment.
NexG Bina, then known as Classita, explored selling part of its lingerie business to Choo for RM34.1 million to fund property projects.