LOSS making virtual mobile network operator XOX Bhd is undergoing a decisive phase of restructuring and re-positioning aimed at driving sustainable growth and enhancing enterprise value under the strategic direction of its head honcho Datuk Kenneth Vun Yun Liun.
The group is transitioning from a traditional telecommunications company into a high-growth, next-generation digital platform with its transformation anchored on key growth pillars, including integration of artificial intelligence (AI), fintech solutions and consumer data monetisation.
Such is the revelation by Vun who was made XOX’s managing director on Feb 28 amid heightened scrutiny on his leadership prowess.
“My past is part of my journey and I do not shy away from it,” he shared in a media statement. “Every regulatory matter has been addressed and resolved. Today, I lead with deeper conviction, insight and a strong sense of responsibility.”
XOX widened its net loss to RN21,17 mil during its 1Q FY9/2025 ended Dec 31, 2024 (1Q 9/FY2024: RM18.67 mil) although its revenue rose slightly to RM62.16 mil during the period (1Q 9/FY2024: RM61.65 mil).
Nevertheless, the group posted a 82.7% spike in net profit to RM49.24 mil for its FY9/2024 ended Sept 30, 2024 (FY9/2023: RM26.94 mil) with its revenue being flat at RM66.87 mil (FY9/2023: RM66.44 mil).
Recall that XOX had in 1H 2024 undertook a share capital reduction exercise to consolidate every 30 of its shares into one share in the quest to offset the group’s accumulated losses totalling RM303 mil.
On May 12, Vun was appointed as the chairman of Hong Kong-listed Nexion Technologies Ltd, a company specialising in enterprise network infrastructure, cybersecurity solutions and digital transformation technologies.
Vun who is himself is the largest shareholder of XOX with an 8.74% stake held via his vehicle VCAP Global Inc further reiterated that the current focus remains centred on “execution, transformation and the future we are building for our company, investors and stakeholders”.
“We’re not here to operate as usual. We’re here to re-define the trajectory of our business through innovation, discipline and measurable performance. The capital markets will ultimately judge us not by narratives but by results. That is where our full attention lies.”
With over three decades of leadership experience across technology, telecommunications, capital markets and business transformation, Vun, 50, claimed that he has led companies through both high-growth phases and turnaround cycles.
Henceforth, his appointment at XOX reflects a clear mandate which is to consolidate leadership, drive innovation and position the gtoup for regional competitiveness and sustainable value creation.
“Let there be no ambiguity – our priority is good governance, growth and delivering real value. We’re committed to this mission and we will deliver,” assured Vun who is also the managing director of property developer Symphony Life Bhd.
At 9.57am, XOX was unchanged at 38.5 sen with 178,000 shares traded, thus valuing the company at RM71 mil. – May 20, 2025
