MQ Technology Bhd, a Malaysian investment holding company has acquired a 19 percent stake in a Mongolian gaming operator, Montvest Group for RM8.6 million (US$2.1 million), local media reports.
The stake, which was held by Dynamic Gallery Ltd, will allow MQTech access to the nation’s lottery market, through the Mongolian National Lottery (MNL).
Montvest Group manages and operators sales booths for lottery tickets throughout Ulaanbaatar, the capital city of Mongolia.
According to reports, Monvest Group is planning to enhance its operations by initiating new management and marketing strategies until 2025, including collaboration with well-known local third parties such as popular night clubs, pubs and restaurants.
In late 2016, MQTech was reported to be in talks with Cambodian Resorts and Entertainment Co Ltd (CRE) to develop a $30 million gaming resort and theme park in Southeast Cambodia.
A month later, the company appointed a former Genting Hong Kong executive director ong Ken Hong to its board, a move benefitting the company’s recent diversification into the hospitality and entertainment industry.