Thursday 28 Mar 2024
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KUALA LUMPUR (Aug 21): XOX Bhd rose as much as one sen or 10% after the mobile telecommunication entity said it planned to leverage Mlabs Systems Bhd's multimedia expertise to grow the former's business.
 
At 12:30pm, XOX shares settled at their intraday high at 11 sen, with some 17 million shares exchanging hands. XOX was Bursa Malaysia's seventh most active stock. 

Mlabs shares were also actively traded. The fifth most-active stock on Bursa Malaysia saw about 20 million shares transacted. Mlabs settled unchanged at 21 sen.

Last Friday, XOX said it had signed a memorandum of understanding (MOU) with Mlabs' wholly-owned subsidiary Multimedia Research Lab Sdn Bhd (MRL) "to cooperate and collaborate with the aim of enhancing the functions of Voopee mobile application by sharing and incorporating MRL range of video conferencing and server technology to exploit the potential market that arises from" XOX Media Sdn Bhd's collaboration with Indonesia-based entities, PT Inovasi Telematika Nusantara and Pengurus Besar Nahdlatul Ulama (PBNU). 

In Malaysia today, a stock market trader told theedgemarkets.com that "while the MOU is not expected to immediately contribute to XOX’s earnings, the partnership between XOX and Mlabs would be able to tap into PBNU’s estimated 90 million members."

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