XOX

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MEMORANDUM OF UNDERSTANDING XOX BHD - MEMORANDUM OF UNDERSTANDING WITH MAJLIS BANDARAYA IPOH

XOX BHD

Type Announcement
Subject MEMORANDUM OF UNDERSTANDING
Description
XOX BHD
- MEMORANDUM OF UNDERSTANDING WITH MAJLIS BANDARAYA IPOH

Reference is made to the Company’s announcements made on 25 May 2022, 29 August 2022, 30 November 2022, 28 February 2023, 31 May 2023 and 29 August 2023, respectively. 

 

On 24 May 2022, XOX Bhd (“XOX” or “the Company” or “the Group”) has announced that the Company had entered into a Memorandum of Understanding ("MOU") with Majlis Bandaraya Ipoh (“MBI”) for the purpose to solidify the parameters and lay the foundation for formalisation of the strategic technology partnership to collectively enhance the current infrastructure and services provided by MBI to the residents of Ipoh, by virtue of digitalisation, augmented reality application, cashless applications and automation (“Proposed Technology Collaboration”). On 31 May 2023, the Company has further announced that XOX and MBI (collectively as “the Parties”) had agreed to extend the MOU for another 12 months to finalise the strategic technology partnership arrangement.

 

The Board of Directors of XOX is pleased to announce that the Company had on 14 September 2023 entered into a fresh Memorandum of Understanding with MBI (“New MOU”) for the purposes of strengthening the parameters, framework, and intent of the Parties to finalise the partnership for the Proposed Technology Collaboration.

 

In connection therewith, the New MOU will replace and extend the MOU that was previously entered between MBI and the Company on 24 May 2022. 

 

The New MOU will strengthen the appointment of XOX as a strategic technology partner to MBI for the purpose of enabling XOX to provide technical recommendations for MBI to consider implementing based on the needs of the public.

 

The New MOU shall become effective from 14 September 2023 (“Commencement Date”) and continues in force until the earlier of: 

 

(a) the execution of the formal and definitive agreement between the Parties;

 

(b) termination of the New MOU by either party at any time by giving one (1) months’ notice in writing to the other party; or 

 

(c) the full term of twelve (12) months period from the Commencement Date, on which date the New MOU shall automatically expire, provided that no later than 30 days before the expiry date, the Parties may agree in writing to extend the term of the New MOU for such further period as the Parties shall agree in writing. 

 

The New MOU will not have any effect on the share capital and substantial shareholders’ shareholdings of XOX. The New MOU is also not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 September 2023.

 

None of the directors, major shareholders and/or chief exectuives of the Company and/or persons connected with them have any interest, whether direct or indirect, in the New MOU.

 

The New MOU being incurred in the ordinary course of business, is not subject to the approval of the shareholders.

 

The Board of Directors of XOX, having taken into consideration all aspects of the New MOU, is of the opinion that the New MOU is in the best interest of the Group.

 

The New MOU is available for inspection at the registered office of the Company at 22-09, Menara 1MK, No. 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur between 8.30 a.m. and 5.30 p.m. from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

 

This announcement is dated 14 September 2023. 






Announcement Info

Company Name XOX BHD
Stock Name XOX
Date Announced 14 Sep 2023
Category General Announcement for PLC
Reference Number GA1-14092023-00019