KUALA LUMPUR (Oct 5): XOX Bhd has emerged as a new substantial shareholder of ACE Market-listed Macpie Bhd, after acquiring a 5.66% stake or 20 million shares in the group in the open market on Friday (Oct 2). 

In a filing with Bursa Malaysia today, XOX said it now indirectly owns 9.16% or 32.36 million shares in Macpie, through its Hong Kong-based subsidiary XOX (Hong Kong) Ltd. 

Macpie, which has been in the red since 2014, is involved in retail and distribution management, as well as event management. 

The group saw its net loss widen to RM8.14 million for the financial year ended June 30, 2020 (FY20), from RM2.77 million in FY19, as revenue fell 24.1% to RM64.93 million from RM85.6 million. 

The larger net loss was mainly due to losses at the event management segment and higher impairment losses due to the adverse impact from the Covid-19 pandemic. 

Shares of Macpie closed at 49.5 sen today, for a market capitalisation of RM178.88 million. 

The counter, which was trading as low as 10 sen at the beginning of August this year, rose thereafter to reach a near 10-year high of 57 sen on Sept 22.  

XOX’s shares closed unchanged at 12 sen today, valuing the company at RM386.26 million. Some 173.27 million shares were done, making it the third most actively-traded stock on Bursa Malaysia today.