Acquisition of one six-storey shop office held under Geran 53924 Lot 53578 Pekan Kinrara

Type

Announcement

Subject

NEXTNATION COMMUNICATION BERHAD (“NEXTNATION” or “COMPANY”)
Acquisition of one (1) six-storey shop office held under Geran 53924 Lot 53578 Pekan Kinrara District of Petaling State of Selangor Darul Ehsan.

Contents

(For consistency, the abbreviations used throughout this announcement shall have the same meaning as previously defined)

Further to the announcement made on 11 January 2008, Nextnation wishes to announce that the net assets of the Company should read as RM75,049,357.

As such, the affected proforma effects of the Acquisition in Table 1 as announced on the 11 January 2008 have been duly amended as follow to reflect the aforesaid matter as shown below:

Announcement Details :

	Audited as at 30 April 2007	After the completed events	After the Acquisition
	RM’000	RM’000	RM’000

Share capital	26,820	41,580#	41,580#
Share premium	14,919	5,559#	5,559#
Retained profits	34,701	34,701	34,701
Translation reserve	(1,801)	(1801)	(1,801)
	74,639	80,039	80,039
Minority interest	410	410	410
Total equity/ net assets	75,049	80,449	80,449

Net assets per share (sen)	27.98	19.35	19.35

Total borrowings	1,915	1,915	4,613*

Gearing (times)	0.03	0.02	0.06

Notes:
# After taking into consideration of the following events which were completed after 30 April 2007 and up to 11 January 2008:

The issue of 9,000,000 ordinary shares of RM0.10 each (“Shares”) at an issue price of RM0.60 per Share pursuant to the private placement that was completed in May 2007
The issue of 138,600,000 Shares arising from bonus issue that was completed in May 2007.

* Assuming the bank borrowing for the Acquisition is RM2,697,909

This announcement is dated 15 January 2008.