NEXTNATION COMMUNICATION BERHAD ("NEXTNATION" or "the Company")
- ACQUISITION OF SHARES IN PT GALAXI PUBLISHINDO

1. INTRODUCTION

The Board of Directors of Nextnation wishes to announce that Godynamic Investments Limited, a subsidiary of the Company, had on 30 January 2008 entered into share sale agreements to acquire 95,000 ordinary shares of Indonesian Rupiah (“IDR”) 1,000 each from Hamdan Busyairi and Syaeful Huda, representing 95% of the total issued and paid-up share capital of PT Galaksi Publishindo (“PTGP”) in the Republic of Indonesia, for a total cash consideration of IDR95,000,000 or equivalent to approximately RM32,870 (assuming exchange rate of IDR100: RM0.0346).

Announcement Details :


2. BACKGROUND INFORMATION

PTGP is a company incorporated in the Republic of Indonesia with an issued and paid-up capital of IDR100,000,000 divided into 100,000 ordinary shares of IDR1,000 each.

The intended business activities of PTGP are provision of entertainment services, printing and publishing services.

3. DIRECTORS’ AND SUBSTANTIAL SHAREHOLDERS’ INTERESTS

None of the Directors of the Company or persons connected to them has any interest, direct or indirect, in the aforesaid matter. The Directors of the Company are not aware of any substantial shareholders of the Company or persons connected to them who has any interest, direct or indirect, in the aforesaid matter.

4. FINANCIAL EFFECTS

The acquisition of PTGP will not have any material effect on the earnings per share and net tangible assets per share of Nextnation and its subsidiaries.

This announcement is dated 30 January 2008.