RGB International Bhd has suspended plans to enter the gaming sector in Timor-Leste (East Timor) due to delays in license allocation, the group said in a statement filed with the Malaysian Stock Exchange.
This operation was planned to go ahead by purchasing a 30 percent stake in Timor Holding Ltd (THL), which operates electronic gambling machines.
RGB International reported it had agreed with THL to suspend the agreement dated 8 July, 2014, arguing that since that time it had been waiting for a gaming license to be granted by the Timorese authorities.
“The RGB International board of directors, after considering all relevant aspects, is of the view that termination is in the best interests of the group,” it said, adding that the initial payment of US$214,000, delivered in 2014 at the signing of agreement had been returned.
RGB International Bhd is a Malaysian group that sells, markets and manufactures electronic gaming machines that does business in Malaysia, Cambodia, the Philippines, Macau, Singapore, Laos, Vietnam, Timor-Leste and Nepal. (macauhub/MO/TL)