The Board of Directors of XOX Bhd (“XOX” or “the Company” or "the Group") is pleased to announce that XOX Pro Sport Sdn. Bhd., a wholly-owned subsidiary of the Company, had on 24 March 2023 entered into a Memorandum of Understanding (“MOU”) with Kuching City FC Sdn. Bhd. (“KCFCSB”) for the purpose to explore a business collaboration between the parties particularly in the scope of commercial activities, including sports marketing and management.

KCFCSB is the owner of the “Kuching City Football Club”, a professional football club based in Sarawak, Malaysia. Kuching City Football Club represents the city of Kuching in Malaysian football competitions.

The MOU shall commence on the date of execution i.e. 24 March 2023 and shall remain in force, unless otherwise terminated by either party in writing and communicated to the affected party and/or if a further agreement is executed by the parties, this MOU shall be automatically terminated.

The MOU will not have any effect on the share capital and substantial shareholders’ shareholdings of XOX. The MOU is also not expected to have any material immediate effect on the earnings per share, net assets per share and gearing of the Group for the financial year ending 30 September 2023.

None of the directors and/or major shareholders of the Company and/or persons connected with them have any interest, whether direct or indirect, in the MOU.

The MOU being incurred in the ordinary course of business, is not subject to the approval of the shareholders.

The Board of Directors of XOX, having taken into consideration all aspects of the MOU, is of the opinion that the MOU is in the best interest of the Group.

The MOU is available for inspection at the registered office of the Company at 22-09, Menara 1MK, No. 1 Jalan Kiara, Mont Kiara, 50480 Kuala Lumpur between 8.30 a.m. and 5.30 p.m. from Monday to Friday (except public holidays) for a period of 3 months from the date of this announcement.

This announcement is dated 24 March 2023.