XOX inks fresh MOU with Ipoh City Council for technology collaboration

TheEdge Thu, Sep 14, 2023 03:18pm - 8 months View Original

KUALA LUMPUR (Sept 14): Mobile virtual network operator XOX Bhd said it has entered into a fresh Memorandum of Understanding (MOU) with the Ipoh City Council (MBI) for a proposed technology collaboration, 16 months after the two parties had signed the first MOU to lay out the parameters, framework and intent of the parties for the partnership.

In May 2022, XOX had announced that the proposed strategic technology collaboration with MBI was 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.

In May this year, the company announced that XOX and MBI had agreed to extend the MOU for another 12 months to finalise the strategic technology partnership arrangement.
"In connection therewith, the new MOU will replace and extend the MOU that was previously entered between MBI and the company on May 24, 2022," said XOX in a filing with Bursa Malaysia on Thursday.

"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," it added.

The term of the new MOU is one year.

According to XOX, the new MOU is not expected to have any material immediate effect on the group's earnings per share, net assets per share and gearing for the financial year ending Sept 30, 2023.

At 2.50pm on Thursday, XOX shares were unchanged at 1.5 sen, giving it a market capitalisation of RM75.76 million. The stock's share price has fallen by 25% so far this year.

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