Key Alliance Group Berhad has ceased to be a substantial shareholder of XOX Bhd after disposing of 5.02 million shares in the telecommunications company as part of its capital management strategy.
The company said it sold 5,024,900 ordinary shares in XOX on June 26, 2026, reducing its stake from 6.25% to 3.54%.
The disposal resulted in the company falling below the 5% threshold required to be recognised as a substantial shareholder.
KAG said the share sale forms part of the group’s efforts to realise the value of its investments and redeploy capital towards strategic priorities.
“The proceeds received from the disposal will be utilised for the group’s working capital requirements,” the company said.
KAG disclosed that Executive Director Roy Ho Yew Kee, who also serves as a director of XOX, abstained from all board deliberations and voting relating to the disposal due to his common directorship in both companies.
