Malaysian company MQ Technology Bhd is seeking shareholder approval to diversify into gaming related businesses, according to a recent filing to Bursa Malaysia.
The proposed diversification is pursuant to a December 7 marketing agreement entered into between MQ and Vivo Tower Holdings Ltd, the latter of which owns the license to operate the casino in Star Vegas Resort & Club, owned by Donaco.
Under the agreement, MQ is tasked with the exclusive development and implementation of marketing services, as well as to provide manpower for Vivo Tower’s conduct of operations in designated gaming rooms and entertainment rooms.
Under the agreement, Vivo Tower will pay MQ half of the profits generated from the casino.
The contract is set to run for a period of five years from July 1, 2017, but will be automatically extended if Vivo Tower also receives an extension to its casino lease.
Earlier this year, MQ Tech appointed a former Genting Hong Kong executive director to its board, a move which it said would benefit the company’s diversification into the hospitality and entertainment industry.
The company had also been in discussions with Cambodian Resorts and Entertainment Co Ltd (CRE) to develop a $30 million gaming resort and theme park in Southeast Cambodia back in December of last year.
“The project will see the construction of a resort and entertainment complex comprising of a hotel, casino, and a theme park, among others,” said a source quoted by StarBizWeek at the time.