MQ Technology Berhad abandons Cambodian casino resort partnership

Malaysian conglomerate, MQ Technology Berhad, has reportedly announced that it has pulled out of a partnership that was due to see it assist in bringing a casino resort complete with a theme park to a 12.6-acre site in southern Cambodia.

Prevaricated progress:

According to a report from GGRAsia, the Kuala Lumpur-listed firm used an official Wednesday filing to declare that it had cancelled the deal with land owner Cambodian Resort and Entertainment Company Limited after the pair had been unable ‘to move the venture forward’ despite eight extensions.

Bonteay Chakkrei business:

MQ Technology Berhad reportedly stated that its Star Acres Sendirian Berhad subsidiary had inked the alliance with the Cambodian firm in December of 2016 in hopes of being able to ‘collaborate on the development and management of a theme park’ in Prey Veng Province. It explained that the planned $51.1 million enterprise for the community of Bonteay Chakkrei, which sits near the Asian nation’s southern border with Vietnam, was due be fully open by early-2022 complete with a $5.1 million theme park as well as a casino and multiple hotels.

Funding fixes:

GGRAsia reported that the now-lapsed arrangement was set to see MQ Technology Berhad receive a 70% stake in the planned venture, which had been provisionally christened as Jurassic Theme Park, in exchange for agreeing to partially fund the building of its theme park.

MQ Technology Berhad’s filing reportedly read…

“The board of directors of MQ Technology Berhad wishes to announce that the memorandum agreement, which was previously extended to January 2, 2019, is deemed to have lapsed.”

Diversification dreams:

The source additionally reported that MQ Technology Berhad’s current business interests encompass the provision of high-quality tools, molds, fixtures and dies that are used in the manufacture of hard disk drives. However, 2017 purportedly saw the firm detail that it was hoping to diversify these activities to include the supply of ‘marketing services for gaming-related businesses.’

As such, GGRAsia reported that the firm soon inked an alliance with Vivo Tower Holdings Limited that saw it agree to provide marketing and junket services to the Star Vegas Resort and Club property from Sydney-listed casino operator, Donaco International Limited.