PROPOSED ACQUISITION OF SHARES IN JADI IMAGING HOLDINGS BERHAD ("JADI") ("PROPOSED ACQUISITION")
XOX BHD |
Type | Reply to Query |
Reply to Bursa Malaysia's Query Letter - Reference ID | IQL-20102021-00001 |
Subject | PROPOSED ACQUISITION OF SHARES IN JADI IMAGING HOLDINGS BERHAD ("JADI") ("PROPOSED ACQUISITION") |
Description | XOX BHD - PROPOSED ACQUISITION OF SHARES IN JADI IMAGING HOLDINGS BERHAD |
Query Letter Contents | We refer to your Company’s announcement dated 15 October 2021, in respect of the aforesaid matter. 1) The percentage of premium that XOX (Hong Kong) Limited is paying for the controlling stake in Jadi and the price on which such premium was based. Please furnish Bursa Securities with your reply within one (1) market day from the date hereof.
Yours faithfully, Cc : Market Surveillance Dept. , Securities Commission (via fax) |
(Unless otherwise defined in this announcement, all terms used herein shall have the same meaning as those defined in the announcement dated 15 October 2021.)
Reference is made to the Company’s announcement made on 15 October 2021.
The Board of Directors of XOX Bhd (“XOX” or “the Company’”) wishes to further announce that the purchase consideration of RM46,000,000 or RM0.23 per ordinary share in Jadi Imaging Holdings Berhad (“Jadi”) (“Jadi Shares”), represents the premium of approximately 84% based on the closing price of RM0.125 per Jadi Shares as of 14 October 2021. The premium is arrived at after taking into consideration of followings :
i) the positive outlook as opined by most analysts on the toner and ink market in Asia Pacific, specifically in China which will corelate directly to Jadi’s existing business, as highlighted in Section 4.0 of the Company’s announcement made on 15 October 2021;
ii) The purchase consideration includes a premium on the substantial stake in Jadi which includes its Main Market listing status and the option to appoint a board representative in Jadi; and
iii) XOX strategic business plan is to integrate and launch its proprietary digital market place i.e. BLACK MARKET into Jadi’s newly set up e-commerce platform to leverage on its existing business tie up in China. This will provide an avenue for XOX to expand and launch its BLACK MARKET internationally and into the densely populated and highly IT savvy Chinese market.
This announcement is dated 20 October 2021. |
Announcement Info
Company Name | XOX BHD |
Stock Name | XOX |
Date Announced | 20 Oct 2021 |
Category | General Announcement for PLC |
Reference Number | GA1-20102021-00086 |