XOX, Ipoh City Council ink MoU for strategic technology partnership

KUALA LUMPUR (May 25): XOX Bhd has entered into a memorandum of understanding (MoU) with the Ipoh City Council to solidify the parameters and lay the foundation for the formalisation of a strategic technology partnership.

In a filing with Bursa Malaysia, the company said the purpose of the partnership is to collectively enhance the current infrastructure and services provided by the Ipoh City Council to the residents of Ipoh by digitalisation, augmented reality applications, cashless applications, and automation.

Pursuant to the MoU, MBI will appoint XOX as its technology partner and will pave the road for the latter to provide technical proposals for MBI to consider implementing based on public needs' basis.

The MoU was effective May 24.

"The MoU will not have any effect on the share capital and substantial shareholders' shareholdings of XOX.

"The MoU is also not expected to have any material immediate effect on the earnings per share, net assets per share, and gearing of the group for the financial year ending Sept 30, 2022," it said.