Malaysia’ s RGB International Bhd has suspended plans to enter the gaming sector in Timor-Leste (East Timor) due to delays in license allocation, the group said in a statement filed with the Malaysian Stock Exchange.
The company had planned to buy a 30 percent stake in Timor Holding Ltd, which operates electronic gambling machines.
The original accord dates back to July 8th, 2014. RGB International said since that time it has been waiting for a gaming license to be granted by the Timorese authorities.
“The RGB International board of directors, after considering all relevant aspects, is of the view that termination is in the best interests of the group,” it said, adding that the initial payment of US$214,000, delivered in 2014 at the signing of agreement had been returned.
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