Key Alliance now a substantial XOX shareholder

PETALING JAYA: Key Alliance Group Bhd has emerged as a substantial shareholder of XOX Bhd through the subscription of 99.3 million placement shares equivalent to a 9.09% stake for RM4.64 million or 4.67 sen per share.
Key Alliance told Bursa Malaysia the placement price represents a 9.85% discount to the five-day volume weighted average price of XOX shares of 5.18 sen.
Key Alliance sees this as an opportune time to take a strategic stake in XOX, which has assets worth over RM200 million. “XOX has more than 2 million subscribers and this strategic investment opens a window to work closely with XOX to fully optimise Key Alliance’s newly launched cloud services.”
In May 2017, Key Alliance acquired the entire stake in enterprise cloud solutions provider RapidCloud (M) Sdn Bhd for RM3.5 million.
Key Alliance’s share price gained 11.1% to 5 sen today, while XOX was unchanged at 6 sen.