Jakarta - 20 May, 2011

Nextnation Interactive Sdn Bhd has entered into a management buyout agreement to dilute its 40% interest in PT Nextnation Prisma to Hendra Widjaja and Rafli bin Ridwan for a Total consideration of RM3.55 million.

Nextnation told Bursa Malaysia yesterday that PT Nextnation Prisma is currently owned 80% by Nextnation Interactive while the balance controlled by PT Prisma Dinamika Selaras. 

PT Nextnation Prima is engaged in the information technology services, multimedia, telecommunication, and Internet content provider.

Hendra Widjaja is currently the proprietor and shareholder of PT Prisma Dinamika Selaras. He is also a current member of PTNP's Board of Directors. 
Rafli bin Ridwan is the current Chief Executive Officer of PTNP. 

The continuing growth and development of the PTNP would be expected to depend on, inter-alia, the future good working relationship between Nextnation and Hendra-Rafli (H&R).

"Any breakdown in the relationship could have adverse implications on the ongoing business growth of PTNP as is the case for any partnership. Nextnation hopes to mitigate such a risk to a certain extent via entering into the MBO Agreement, which governs the working relationship between NI and H&R in respect of the future business activities of PTNP," Nextnation said.

 About Nextnation Communication Berhad

Nextnation Communication is a mobile application service provider, enables businesses and individuals to access, connect, and transact across today's complex global mobile networks. Its core product MINDCEP Platform is a mobile multimedia communication platform, facilitating and enabling mobile data transmission worldwide using WAP, MMS, SMS and Java technologies. MINDCEP is connected to some of the largest premium messaging networks in the world in order to offer a broad range of services from content distribution to mobile m-commerce and place the company at the forefront of this rapidly growing messaging market. Additional news and information about the company is available at www.nextnationnet.com.

Source:http://www.theindonesiatoday.com/Technology-Photo/Technology-Photo/Nextnation-Divests-Indonesian-Unit/News