KUALA LUMPUR (Aug 7): XOX Technology Bhd (KL:XOXTECH), formerly known as M3 Technologies (Asia) Bhd, said its executive chairman Chew Shin Yong has resigned from the position, effective immediately.
Chew stepped down from the position citing “due to other work commitments”, according to the mobile solutions and electronic goods retailer in a bourse filing on Thursday. He was appointed to the board as an executive director in 2008.
Chew currently holds 0.93% or 8.34 million shares in the company.
Chew is also an independent and non-executive director for other public listed companies, such as Permaju Industries Bhd (KL:PERMAJU), Meridian Bhd (KL:MERIDIAN) and Fintec Global Bhd (KL:FINTEC), according to XOX Tech’s latest annual report.
His resignation came after the appointment of Mohd Effendi Mat Aris as the group’s new chief executive officer this week. Mohd Effendi was previously the deputy head of the Intelligence Section, Integrated Operations Division at the National Anti-Financial Crime Centre under the Prime Minister’s Department.
XOX Bhd (KL:XOX) owns a 25.95% stake in XOX Tech. XOX also holds equity interest in Cheetah Holdings Bhd (KL:CHEETAH) (20.85%), Jadi Imaging Holdings Bhd (KL:JADI) (21.6%) and Symphony Life Bhd (KL:SYMLIFE) (14.84%).
The largest shareholder of XOX is Datuk Kenneth Vun Yun Liun with an 8.74% stake, held via his vehicle VCAP Global Inc. Other significant shareholders of XOX include Lazarus Securities Pty Ltd with 8.46% and Key Alliance Group Bhd (KL:KGROUP) with 6.34%.
Shares in XOX Tech settled unchanged at 3.5 sen on Thursday, valuing the company at RM896.2 million. Year to date, the stock has dropped 42%.