Proposed Disposal of Godynamic Investments Limited ("GIL") 51% Owned Subsidiary of Nextnation

General Announcement

Reference No CS-091013-302E9

Company Name	:	NEXTNATION COMMUNICATION BERHAD (ACE Market)
Stock Name	:	NEXTNAT
Date Announced	:	13/10/2009

Type

Announcement

Subject

NEXTNATION COMMUNICATION BERHAD ("NEXTNATION" or "the Company")
- PROPOSED DISPOSAL OF GODYNAMIC INVESTMENTS LIMITED (“GIL”) 51% OWNED SUBSIDIARY OF NEXTNATION COMMUNICATION BERHAD (“NEXTNATION”)

Contents

INTRODUCTION

The Board of Directors wishes to informed that Godynamic Investments Ltd (“GIL”), a 51%-owned subsidiary of Nextnation Network Sdn Bhd (“NNSB”), a wholly-owned subsidiary of the Company, had on 12 October 2009 entered into a Share Sale Agreement (“SSA”) with Fast Wind Investments Limited (Company No. 2115439) (hereinafter referred to as “FWIL or the Purchaser”) to dispose its entire 100% equity interest in Code Wireless Pte Ltd (“CWPL”) and CWPL’s wholly-owned subsidiaries of Ozura Pte Ltd (“OPL”) and Nextnation Mobitech India Pte Ltd (“NMIPL”) for a total cash consideration of USD10,000/-.

Upon completion of the said disposal, CWPL together with subsidiaries namely, OPL and NMIPL shall ceased to be subsidiaries of the GIL.

DETAILS OF THE PROPOSED DISPOSAL

Background information

GIL (Company I.B.C No. 604393), currently 51%-owned sub-subsidiary company of the Company, was incorporated in British Virgin Island.

CWPL (Company Registration No: 200412398H) is incorporated in Singapore with registered address 128, Tanjong Pagar Road, Singapore 088535.

The authorised share capital of GIL is SGD$1,000/- comprising 1,000 ordinary shares of SGD$1.00 each (“Shares”) of which all has been issued and fully paid-up.

EFFECTS OF THE PROPOSED DISPOSAL

Earnings and Net Assets

There will be no material effect on effects on the earnings and net tangible assets of the Company for the financial year ending 30 April 2009.

DIRECTORS’ AND/OR MAJOR SHAREHOLDERS’ INTERESTS

None of the directors and/or substantial shareholders and/or persons connected to the directors and/or substantial shareholders of the Company have any interest, direct or indirect, in the Disposal.

This announcement is dated 13 October 2009.