NEXTNATION COMMUNICATION BERHAD ("NEXTNATION" or "THE COMPANY")
- ACQUISITION OF A SUBSIDIARY COMPANY

NEXTNATION COMMUNICATION BERHAD ("NEXTNATION" or "THE COMPANY")
- ACQUISITION OF A SUBSIDIARY COMPANY

Announcement Details :

1. INTRODUCTION

The Board of Directors of NEXTNATION wishes to announce that NEXTNATION has on 16 April 2008, acquired the remaining one (1) subscriber's share, representing 50% equity interest in Nextnation Techcity Sdn. Bhd. for a cash consideration of RM1.00. Consequent thereto, NTSB became a wholly-owned subsidiary of NEXTNATION.


2. INFORMATION

NTSB was incorporated in Malaysia under the Companies Act, 1965 on 6 December 2007. The present authorised share capital of NTSB is RM100,000/- divided into 100,000 ordinary shares of RM1.00 each and the paid-up share capital is RM2.00 divided into 2 ordinary shares of RM1.00 each.

The intended business of NTSB is property investment.

3. FINANCIAL EFFECTS

The acquisition of shares in NTSB is not expected to have any material effects on the earnings or net assets of the Company for the financial year ending 30 April 2008.


4. DIRECTORS’ AND MAJOR SHAREHOLDERS’ AND/OR PERSONS CONNECTED WITH A DIRECTOR OR MAJOR SHARHOLDER’S INTERESTS

Other than their respective interests through NEXTNATION, none of the Directors and/or major shareholders or persons connected to them has any interests, direct or indirect, in the aforesaid acquisition.


5. STATEMENT BY THE BOARD OF DIRECTORS

The Board of Directors is of the opinion that the acquisition is in the best interest of the Company.

This announcement is dated 16 April 2008.