XOX Sarawak Branch Scheduled To Be Ready By End-May
KUALA LUMPUR, April 26 (Bernama) — XOX Bhd, the mobile virtual network operator, would set up a branch in Kuching, Sarawak, by end-May to tap the vast potential in the state of five million people and a low mobile telecommunication penetration rate.
“Our unique value proposition and strong service network, backed by Celcom Axiata Bhd, would enable us to penetrate effectively into this market, leveraging on our strong service network and innovative benefits,” said Chief Executive Officer Ng Kok Heng in a statement Tuesday.
The company is also optimistic of creating a niche in this market and targets to build a base of 40,000 subscribers by year-end.
Since its launch in 2009, XOX has seen exponential growth in subscriber base, which currently exceeded 400,000 nationwide compared with 295,000 last year.
Meanwhile, XOX today signed an underwriting agreement with AmInvestment Bank Bhd, its adviser, sponsor, managing underwriter, co-underwriter, and sole placement agent and SJ Securities Sdn Bhd as the co-underwriter for the company’s listing exercise slated for the second quarter of the year.
The initial public offering would entail the issue of 46.8 million new ordinary shares at RM0.80 sen each, raising RM37.4 million in proceeds, for the company.
– BERNAMA
From: http://bernama.com/bernama/v5/newsbusiness.php?id=581842