NOVA MSC BERHAD – PROPOSED PRIVATE PLACEMENT

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NOVA MSC BERHAD (“NMSC” OR THE “COMPANY”)
We refer to the announcement dated 24 January 2006 in relation to the Proposed Private Placement. On behalf of the Board of Directors of Nova MSC Berhad (“NMSC” or “Company”), we are pleased to announce that the Securities Commission (“SC”) had vide their letter dated 15 March 2006 (received on 17 March 2006) approved the Proposed Private Placement.The approval of the SC is subject to the following terms and conditions:-

Terms

1. Private placement of up to 10% of the issued and paid-up share capital of NMSC involving up to 32,303,500 new NMSC shares of RM0.10 each (“Proposed Private Placement”); and 2. Listing of and quotation for the new ordinary shares to be issued pursuant to the Proposed Private Placement on the MESDAQ Market of Bursa Malaysia Securities Berhad (“Bursa Securities”).

Conditions

1. OSK Securities Berhad (“OSK”)/ NMSC should submit the list of placees upon completion of the placement exercise containing the following information:-

(a) Name of placees/ ultimate beneficiaries for nominee companies (if any);
(b) IC/ passport/ company registration number;
(c) Central Depository System number;
(d) Home/ Business address;
(e) Occupation/ Principal activities;
(f) Date of listing of placement shares;
(g) Number of placement shares allocated;
(h) Issue price of the placement shares; and
(i) Name of placement agent.

2. The proceeds, raised via the private placement; allocated for working capital are to be placed in fixed deposit until eventually utilised for the disclosed purposes; 3. OSK/ NMSC to inform the SC upon completion of the Proposed Private Placement; and 4. OSK/ NMSC to fully comply with the other relevant requirements of the Listing Requirements of Bursa Malaysia Securities Berhad for the MESDAQ Market in implementing the Proposed Private Placement.

This announcement is dated 21 March 2006.