KUALA LUMPUR: XOX Bhd shareholders have approved the placement of shares to Macquarie Bank Ltd at the company extraordinary general meeting here today.
The company would now pursue to issue and allot up to 250 million new ordinary shares of 10 sen each to the bank.
The corporate exercise would represent 42.03 per cent of its existing issued and paid-up share capital and about 29.59 per cent of its enlarged issued and paid-up share capital after the share issuance.
The exercise would allow the mobile telecommunications products and services provider to raise gross proceeds of RM25 million assuming Macquarie fully subscribes to the allotted shares.
XOX group chief executive officer Ng Kok Heng said the exercise is to fuel the planned expansion of its Voopee mobile application in Malaysia as well as in overseas markets such as Indonesia, Thai and Philippine markets.
"Currently, we are in the midst of discussion with some of them. The expansion is subject to the finalisation of the commercial terms.
“It has high potential to be marketable to other regions as well, besides Asean," he said after the meeting shareholders yesterday.
Voopee allows smartphone users to have an additional local area mobile number without a subscriber identification module (SIM) card.
Currently, Voopee has about 147,000 subscribers in Malaysia.
Ng said the SIM card free application was expected to be the next generation mobile service, which could be a unique solution to the expensive roaming charges and relevant to frequent travelers.