There is a new substantial shareholder for XOX Bhd, which is focusing on the fifth-generation (5G) wireless mobile network development in Malaysia.
XOX said in a filing with Bursa Malaysia today that Daniel Tam owns 7.05 per cent stake in the company which he acquired via the private placement.
The company did not reveal much information about Tam but a check online shows that he is linked to Hong Kong business magnate Li Ka-Shin.
Tam is a shareholder & director of a large conglomerate listed in Hong Kong and Li Ka-Shing holds a substantial stake in the group.
Ka-Shing, also given the nickname “Superman” because the companies he owns “fly” in terms of business progression and earnings, has a networth of US$26.5 billion as of July 21, 2020 (according to Forbes).
Shares of XOX have traded actively since early this month with the stock surging to as high as 20.5 sen on July 21. The stock closed one sen higher today at 18.5 sen, giving the company a market capitalisation of RM292.9 million.
XOX will develop the 5G network in Malaysia in partnership with one of China’s top telecommunications (telecom) groups and will invest up to RM10 billion to develop the infrastructure.
The telecom groups are China Mobile, China Telecom, and China Unicom and they are investing a few billion dollars to roll out their 5G across China.
China Telecom and China Unicom two months ago announced a partnership with Swedish comms tech giant Ericsson to deploy 5G radio system products and systems, including spectrum-sharing technology.
5G is a new global wireless standard after 1G, 2G, 3G, and 4G networks.
5G enables a new kind of network that is designed to connect virtually everyone and everything together including machines, objects, and devices.
XOX CEO Ng Kok Heng has said there is strong interest in XOX since the company announced that it had entered into a micro-finance partnership with Wetek Technology (M) Sdn Bhd.
XOX’s subsidiary XOX Media Sdn Bhd had inked an agreement with Wetek, whose directors are Howard Leung Hao, chairman and CEO of Brilliant (Hong Kong) Holdings Ltd, and Liang Zeng, an internet entrepreneur and venture capitalist to provide micro-financing to the tune of RM1 billion to its existing 2.2 million subscribers in Malaysia.
This service will be extended to individuals and small businesses without access to conventional banking and related services by populating XOX’s eWallet for usage in the XOX Digital Marketplace.