Nexgram Holdings Bhd will withdraw its takeover offer of Ire-Tex Corp. Bhd, pending Securities Commission (SC) approval. Nexgram said it is in the best interest of the company to withdraw the offer in view of recent developments that have transpired and after taking into consideration the timeline of the offer permitted under the code.

The SC last week raised red flag on Nexgram's takeover offer for Ire-tex, after the former entered into agreements this month to dispose of three of its subsidiaries, roughly two months after proposing the voluntary takeover.