Further to the announcement dated 14 March 2006 in relation to the Proposed Private Placement, on behalf of the Board of Directors of Nextnation, Public Merchant Bank Berhad (“PMBB”) is pleased to announce that the Securities Commission (“SC”) had, vide its letter dated 24 March 2006, approved the Proposed Private Placement pursuant to Section 32(5) of the Securities Commission Act, 1993 and the Guidelines on the Acquisition of Interests, Mergers and Take-Overs by Local and Foreign Interests. The approval of the SC for the Proposed Private Placement is subject to the following conditions:-

(i) PMBB to submit to the SC, upon completion of the Proposed Private Placement, the following information on each of the placees/the implementation of the Proposed Private Placement:

(a) Name of placees/ultimate beneficiaries for nominee companies (if any);
(b) National Registration Identity Card/passport/company registration number;
(c) Central Depository System account number;
(d) Number of private placement shares allocated;
(e) Home/business address;
(f) Occupation/principal activities;
(g) Date of listing of the private placement shares;
(h) Issue price of the placement shares; and
(i) Name of the placement agent;

(ii) Nextnation to fully comply with the relevant provisions in the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market and the SC’s Policies and Guidelines on Issue /Offer of Securities in implementing the Proposed Private Placement;

(iii) Proceeds raised from the Proposed Private Placement are to be kept in fixed deposit accounts of reputable financial institution/(s) until utilised;

(iv) Disclosures are to be made in quarterly reports on how the proceeds allocated to working capital were utilised, including the amount and specific items funded;

(v) PMBB/Nextnation to inform the SC upon completion of the Proposed Private Placement; and

(vi) Nextnation to seek ratification from the Setiausaha, Jawatankuasa Pelaburan Asing (“FIC”) Putrajaya, with regard to the acquisition of Ozura Sdn Bhd and to inform the SC of the FIC’s decision.

This announcement is dated 27 March 2006.