XOX

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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.
In this connection, kindly furnish Bursa Securities with the following additional information for public release:-

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,
Listing, 
Regulation

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