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BUSINESS

XOX unit inks agreement to acquire Perak FC for RM1

18/05/2022 03:32 PM

KUALA LUMPUR, May 18 (Bernama) -- XOX Bhd’s wholly-owned subsidiary, XOX Pro Sport Sdn Bhd, has entered into a share sale agreement with Impact Media & Communication Sdn Bhd to acquire 2,500 ordinary shares representing 100 per cent equity interest in Perak FC Sdn Bhd for RM1.

XOX said the acquisition was an opportunity for the group to expand its reach further by enlarging its ecosystem to incorporate football.

“Perak FC has an estimated fanbase of half a million fans, and the Perak state is widely known to house the nation’s most fanatical football fans,” it said in a filing with Bursa Malaysia today.

XOX said the total purchase consideration of RM1 was arrived at on a willing-buyer willing-seller basis after taking into consideration, among others, Perak FC’s loss after taxation of RM2.32 million and net liabilities of RM3.50 million as at June 30, 2021, operational difficulties, and outstanding liabilities of about RM7.1 million as at Dec 31, 2021.

“The proposed acquisition, which will be funded entirely from internally generated funds, is expected to be completed by the third quarter of 2024,” it said.

XOX already has an involvement in motor sports with its continued support and sponsorship of The Komanz Kru Racing (TKKR). The year-on-year revenue has increased and market share acquisition is directly correlated to XOX’s venture with the TKKR racing team.

-- BERNAMA

 


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