Nextnation Communication Bhd (Nextnation)'s wholly-owned subsidiary, Nextnation Network Sdn Bhd (NN), has entered into a share sale and purchase agreement to dispose off 100 per cent in Nextnation Interactive Sdn Bhd (N1) to Vision Eagle Holdings Ltd for RM13 million.

Upon completion of the disposal, N1 shall cease to become a wholly-owned subsidiary company of NN, Nextnation said in a filing to Bursa.

Pursuant to the agreement, NN shall also simultaneously procure a waiver of the advances made by the Nextnation group of companies to NI amounting to RM12,000,000.

NI's principal activities are the provision of business development and strategic partnership activities. - Bernama