XOX plans capital reduction

PETALING JAYA: XOX Technology Bhd has proposed to undertake a capital reduction of the issued share capital to the tune of RM65mil to set off against its accumulated losses of RM49mil as of Sept 30, 2022.

In a filing with Bursa Malaysia, XOX said any remaining balance from the proposed exercise would be credited to the retained earnings of the company and be used in such manner as the board deems fit and in the best interest of the company.

As at Dec 28, 2022, the total issued share capital of XOX stood at RM82mil comprising 896.18 million ordinary shares.