NOVA MSC BERHAD (“NOVAMSC” OR THE “COMPANY”) PROPOSED PRIVATE PLACEMENT OF UP TO 34,517,825 NEW ORDINARY SHARES OF RM0.10 EACH IN NOVAMSC (“PROPOSED PRIVATE PLACEMENT”)

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We refer to our announcement dated 5 March 2007 on the above-captioned.
Pursuant thereto, on behalf of the Board of Directors of NOVAMSC, we are pleased to announce that the Securities Commission (“SC”) had vide its letter dated 27 March 2007 approved the Proposed Private Placement under Section 32(5) of the Securities Commission Act, 1993 and the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market. The approval of the SC is subject to the following terms and conditions:-

1.1 Terms

(i) Private placement of up to 34,517,825 new ordinary shares of RM0.10 each (“Placement Shares”), representing up to 10% of the issued and paid-up share capital of NOVAMSC; and (ii) Listing of and quotation for the new Placement Shares to be issued pursuant to the Proposed Private Placement on the MESDAQ Market of Bursa Malaysia Securities Berhad.

1.2 Conditions

(i) NOVAMSC / OSK Investment Bank Berhad (“OSK”) to fully comply with the relevant provisions in Guidance Note 8C and other relevant requirements under the SC’s Policies and Guidelines on Issuer / Offer of Securities, in implementing the Proposed Private Placement; and (ii) NOVAMSC / OSK to inform the SC upon completion of the Proposed Private Placement.

The Proposed Private Placement was also approved under the Guidelines on the Acquisition of Interests, Mergers ad Take-overs by Local and Foreign Interests.

This announcement is dated 27 March 2007.