KUALA LUMPUR: Mobile virtual network operator (MVNO) XOX Bhd plans to raise RM37.4 million from the issuance of 46.8 million new ordinary shares at an offer price of 80 sen each under its listing exercise.
According to company statement on Tuesday, April 26, of the 46.8 million new shares, 29.8 million shares would be placed out; 9.5 million shares allocated to eligible directors, employees and business associates of the group and 7.5 million shares for the Malaysian public.
The company is slated to list in the second quarter of 2011 on the ACE Market.
XOX targets mainly the value conscious prepaid market and it offers both 2G and 3G services in the country. It was awarded 1.5 million service numbers from the Malaysian Communications and Multimedia Commission.
Since its service launch in 2009, XOX's subscribers have exceeded 400,000 nationwide compared to 295,000 at end-2010.
XOX chief executive officer Ng Kok Heng said the company would set up of a new branch in Kuching which expected to be ready by end of May.
Speaking at the underwriting ceremony, he said the Kuching service branch in Kuching would extend the distribution network and also create high brand visibility amongst the public masses.
Ng said Sabah and Sarawak had vast potential, with more than five million population and low mobile telecommunications penetration rate.
'Our unique value proposition, and strong service network, backed by Celcom, would enable us to penetrate effectively into this market, leveraging on our strong service network and innovative benefits.
'We are optimistic of creating a niche in this market, and target to build a base of 40,000 subscribers by end-2011,' he said.
According to company statement on Tuesday, April 26, of the 46.8 million new shares, 29.8 million shares would be placed out; 9.5 million shares allocated to eligible directors, employees and business associates of the group and 7.5 million shares for the Malaysian public.
The company is slated to list in the second quarter of 2011 on the ACE Market.
XOX targets mainly the value conscious prepaid market and it offers both 2G and 3G services in the country. It was awarded 1.5 million service numbers from the Malaysian Communications and Multimedia Commission.
Since its service launch in 2009, XOX's subscribers have exceeded 400,000 nationwide compared to 295,000 at end-2010.
XOX chief executive officer Ng Kok Heng said the company would set up of a new branch in Kuching which expected to be ready by end of May.
Speaking at the underwriting ceremony, he said the Kuching service branch in Kuching would extend the distribution network and also create high brand visibility amongst the public masses.
Ng said Sabah and Sarawak had vast potential, with more than five million population and low mobile telecommunications penetration rate.
'Our unique value proposition, and strong service network, backed by Celcom, would enable us to penetrate effectively into this market, leveraging on our strong service network and innovative benefits.
'We are optimistic of creating a niche in this market, and target to build a base of 40,000 subscribers by end-2011,' he said.
No comments:
Post a Comment