XOX, Mlabs shares up after signing MOU

PETALING JAYA:XOX Bhd, which signed a one-year memorandum of understanding (MOU) with Mlabs Systems Bhd, saw its share price jump 10% this morning to 11 sen.
At 10.32am, its share price rose 1 sen to 11 sen with a total of 16.98 million shares traded. The share price closed at 10 sen last Friday.
Mlabs' share price was also up this morning on news of the MOU, rising 4.76% or 1 sen to 22 sen with a total of 17.30 million shares traded. Its shares remained unchanged at 21 sen last Friday on some 24.42 million shares done.
Both XOX and Mlabs were among the most actively traded stocks this morning.
On Aug 17, XOX's wholly-owned subsidiary XOX Media Sdn Bhd entered into an MOU with Mlabs' wholly-owned subsidiary Multimedia Research Lab Sdn Bhd to incorporate the latter's range of video conferencing and server technology in Voopee, a mobile application that offers voice and text messaging services through cellular and/or Wifi connection.
The collaboration is to exploit the potential market that arises from XOX Media's collaboration with PT Inovasi Telematika Nusantara and Pengurus Besar Nahdlatul Ulama (PBNU).
XOX Media, a provider of mobile application services, had on July 27 entered into an MOU with PT Inovasi and PBNU to conduct a study and to plan for the development and deployment of XOX's Voopee mobile application for integration into a new SIM card under the Nahdlatul Ulama (NU) brand with all other accompanying solutions targeting to be adopted by PBNU members.