Malaysian group RGB International will purchase 86 electronic gaming machines in the Philippines for some $2.2 million, held by an East Timor company.
RGB Ltd, a wholly-owned unit of the group, will be entitled to a 20-percent share of the winnings from these machines, net of relevant taxes and joint expenses, in a deal with Timor Holdings SA, an EGM company based in Dili, the capital of Timor Leste.
According to the group, the deal is a ‘good investment opportunity’ and will enhance its machine placement portfolio in the country.
‘The Group expects to recover this investment within the next 24 months and the acquisition will contribute positively to the earnings of the Group’s TSM division,’ RGB added.
RGB focuses mainly on trading and management of gaming and entertainment machines and equipment, with operations in Cambodia, Laos, Vietnam, Singapore, the Philippines, Macau, East Timor, and Nepal.
Chuah Kim Seah, a director and major shareholder of RGB International, was until January 1st a director of Timor Holdings, and remains an indirect shareholder in the company.
