Kenneth Vun now MD at both Symphony Life and XOX

• Vun was the former MD and shareholder of FTEC Resources Bhd, which morphed into Tecasia Bhd and later Mangotone Bhd, before being delisted in 2010.

KUALA LUMPUR (March 26): Property developer Symphony Life Bhd (KL:SYMLIFE) has named Datuk Kenneth Vun Yun Liun (pictured) as its new managing director.

This came less than a month after XOX Bhd (KL:XOX), the largest shareholder of Symphony Life with a 14.84% stake, made Vun its MD on Feb 28.

Vun is the largest shareholder of XOX, 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%.

Besides Symphony Life, XOX also holds equity interest in Cheetah Holdings Bhd (20.85%), XOX Technology Bhd (25.95%) and Jadi Imaging Holdings Bhd (21.6%), according to its annual report for the financial year ended Sept 30, 2024.

Over at Symphony Life, other significant shareholders include financial services companies Sanston Financial Group Ltd (with 4.89% stake) and Morgan Stanley & Co International Plc (4.75%).

Both Symphony Life and XOX are loss-making.

XOX has been reporting losses for eight of its last nine financial years. For its latest first quarter ended Dec 31, 2024 (1QFY2025), the company’s net loss widened to RM21.17 million from RM18.67 million a year earlier, while revenue was largely unchanged at RM62.16 million.

Symphony Life has been in the red for the past two financial years. For the nine months ended Dec 31, 2024 (9MFY2024), its losses significantly widened to RM7.64 million from RM462,000 in 9MFY2023, as revenue dropped to RM25 million from RM62.99 million.

Vun was the former MD and shareholder of FTEC Resources Bhd, which morphed into Tecasia Bhd and later Mangotone Bhd, before being delisted in 2010.

Symphony Life shares closed unchanged at 26.5 sen on Wednesday, giving the company a market capitalisation of RM189.86 million. XOX settled half a sen higher at 47.5 sen, valuing it at RM88.09 million.

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