XOX’s share price remains flat following proposed private placement

PETALING JAYA: XOX Bhd's share price remain unchanged this morning following its proposed private placement to raise RM9.37 million for its branding and marketing expenses.

As at 10.28am, XOX’s share price stood at 10.5 sen with 5.35 million shares changing hands. It has a market capitalisation of RM89.44 million.

The mobile virtual network operator said of the proceeds expected to be raised, RM9.22 million has been allocated for branding and marketing expenses and the rest for the proposed private placement expenses.

It added that the branding, marketing and pricing strategies will be able to garner more brand awareness from consumers and increase its subscriber base and market share.