Quick take: XOX shares jump 40% in heavy trading

KUALA LUMPUR: Shares of XOX Bhd surged 40% amid active trading on Friday early trade after entering into a deal to deploy artificial intelligence (AI) vending machines selling consumer goods.

The counter, the third most active stocks on Bursa Malaysia, rose 40%, or one sen to 3.5 sen with 47 million shares done.

XOX’s wholly owned subsidiary XOX Media Sdn Bhd has entered into a memorandum of understanding with DGB Networks Sdn Bhd to collaborate in the deployment of up to 1,000 next generation AI vending machines to dispense key everyday fast-moving consumer goods.

This move is in line with XOX’s strategy to focus on different silos of its business to create more revenue streams, and at the same time provide synergies to its core business of being a mobile virtual network operator with the potential expansion of its dealers base and retail footprint.

Besides XOX’s products, the vending machines will offer a host of other fast-moving sundry essentials, provide opportunities to bundle products and promote a cashless environment.