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 KUALA LUMPUR: XOX Bhd's unit, XOX (Hong Kong) Ltd, has acquired 9.16% or 32.36 million shares in Macpie Bhd for a consideration of about RM15.85mil.

It said in filing with Bursa Malaysia that the acquisition, which makes XOX a substantial shareholder in Macpie, was made on Oct 1 and Oct 2 on the open market.

"XOX being a retail centric business, spends a substantial amount annually on marketing budget, a strategic stake in MACPIE will benefit XOX in arranging concerts and events focused on XOX demographics," it said.

It added that the immediate outlook for Macpie earnings is cautionary given the recovery movement control order and standard operating procedures in place for large-sale entertainment gatherings.

Macpie is listed on the ACE Market of Bursa Malaysia. It was formerly known as Sterling Progress Bhd and changed its name on April 3, 2019, to reflect its change in market focus to the music and entertainment industries.

As at June 30, 2019, Macpie recorded a loss after tax of RM3.57mil and net assets of RM49.05mil.

As at 12.30pm, XOX stock was up 0.5 sen or 4.17 sen to 12.5 sen apiece on the back of 126.1 million shares traded.

Shares in Macpie were down 2.5 sen or 5.05% to 47 sen on 99.74 million units exchanging hands.