XOX proposes to reduce issued share capital of RM65mil

KUALA LUMPUR: XOX Technology Bhd has proposed to undertake a capital reduction exercise by cancelling a portion of its issued share capital unrepresented by assets of RM65 million.

In a filing with Bursa Malaysia today, the mobile services provider said the corresponding credit of RM65 million from the exercise will be used to set-off against the company’s accumulated losses, while the remaining balance, if any, will be credited to its retained earnings.