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KUALA LUMPUR (Oct 14): XOX Bhd, through its wholly-owned subsidiary, XOX (Hong Kong) Limited has acquired 117,848,500 ordinary shares in Nexion Technologies Limited (Nexion), representing 16.37% of the company’s issued and paid-up share capital, for RM23 million.

In a filing with Bursa Malaysia, XOX said the acquisition was acquired today via delivery by transfer.

“The aggregate cost of investment of XOX in Nexion, within the period of 12 months immediately preceding from Oct 14, 2020, was RM23,183,138.

“The cash consideration of RM23,183,138 for the acquisition was based on the prevailing market price of Nexion at the time of purchase and funded via internally-generated funds,” it said.

The acquisition would benefit XOX in increasing its capability to secure the network, addressing cybersecurity challenges, and generate new revenue streams by reselling Nexion products to XOX’s customer.

Nexion, an information and communication technology solution provider, is listed on the Hong Kong Stock Exchange GEM Board, focusing on the provision of cyberinfrastructure and cybersecurity solutions in Southeast Asia through Software as a Service (SaaS) model.

Meanwhile, XOX Bhd group chief executive officer Ng Kok Heng said the acquisition is in line with the group’s direction to go into micro-financing, blockchain technology and content-based assets.

“It would also potentially allow us to have a pricing advantage over competitor products, and Nexion allows us to spearhead the international growth of XOX,” he added.