MQ Technology Bhd has scrapped its plans to develop a $30 million theme park, casino and hotel complex in Cambodia.
The company had previously entered into a Memorandum of Agreement with Cambodian Resorts and Entertainment Co Ltd (CRE) to develop the resort – which would be situated in Banteay Chakrey in Prey Veng Province, in the southeast of Cambodia close to the Vietnam border.
However, according to a filing with Bursa Malaysia last week, MQ Technology said the MOA with CRE has lapsed.
“The MoA, which relates to a proposed joint venture between Star Acres Sdn Bhd, a wholly owned subsidiary of MQ Technology, and CRE to develop and manage a theme park in Cambodia has not been extended as the parties have not been able to move the venture forward,” it said.
Under the agreement, CRE was to contribute the land for the buildings and facilities, as well as maintain the validity of casino licenses and business operation permit throughout the tenure of the venture.
MQ Tech will finance the setup of a theme park, as well as the building of serviced apartments on the land.