Nova MSC Signs a Joint Venture Agreement with Pengiran Anak Haji Abdul Wadood Bolkiah for the establishment and operation of a Joint Venture Company in Brunei Darussalam.

Pursuant thereto, the Board of Directors of Nova MSC Berhad (“Company”) is pleased to announce that the Company and Pengiran Anak Haji Abdul Wadood Bolkiah has today signed a Joint Venture Agreement (“JVA”) to set up a joint venture company to be called Nova (B) Sdn Bhd (“Nova(B)”).

The initial paid-up capital of the joint-venture company will be B$30,000 divided into 30,000 ordinary shares of B$1.00 each. Pengiran Anak will hold 60% of Nova (B) while the Company will hold the 40% balance.

The main focus of Nova(B) market and deliver practical Information Technology solutions with the primary focus to sell and implement NovaMSC’s product and services in Brunei Darussalam.

The Company will be the leading implementation partner for Nova(B) for any IT-related businesses and will provide pre-sales, project implementation and second level technical maintenance support.

Effects of the JVA

a) On Share Capital and Substantial Shareholders’ Shareholding
The JVA will not have any effect on the share capital and substantial shareholders’ shareholding of Company as the JVA does not involve any allotment or issuance of new shares by the Company.

b) On Earnings Per Share, Net Assets Per Share and Gearing
Prior to execution of any formal agreement, the JVA is not expected to have any immediate material effect on the earnings per share, net assets per share and gearing of Company for the current financial year ending 30 March 2009.

Approvals required
The JVA does not require approval from the shareholders of the Company or any relevant authorities.

Directors’ and Major Shareholders’ Interests
Insofar as the Directors are aware, none of the directors or major shareholders of Company or persons connected with them has any interest, whether direct or indirect, in the MOU.

Statement by the Board of Directors
The Board of Directors of the Company is of the opinion that the JVA is in the best interests of the Company.

This announcement is dated 13 February 2009.