PETALING JAYA: XOX Bhd’s wholly-owned subsidiary XOX (Hong Kong) Ltd has acquired a 5.23% stake in ACE Market-listed M3 Technologies (Asia) Bhd for RM4.43 million.
The group acquired the shares from the open market from July 20, 2020 to Aug 10, 2020.
Following the acquisition, XOX’s stake in M3 Technologies has increased to 11.22% from 5.99% previously.
It cited opportunities to capitalise on the new relationship with M3 Technologies, which includes the potential of sourcing related technology and expansion of digital ecology and other business opportunities as the rationale behind the purchase.
The group opined that the company’s outlook, prospects and demand for mobile solutions services, and M3 Technologies’ focus on product development, service enhancement and upgrades to cater to customer needs will allow it to extend and expand the business to different industries.
source https://www.thesundaily.my/business/xox-ups-stake-in-m3-technologies-for-rm443m-BM3592254
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