MQ Tech’s tooling and automation business is said to be affected by significant fluctuations in revenue, hence the company's diversification to include the theme park business.
KUALA LUMPUR: Mould, tool and die maker MQ Technology Bhd
(MQ Tech) has appointed Wong Ken Hong, who held various senior positions in Genting Hong Kong, as executive director.
The company, which is diversifying its business to include theme park operations, told Bursa Malaysia that Wong, 46, had over 15 years of experience in gaming and hotel industries.
“He has vast experiences in finance, operations control, revenue management, audit and new casino set up. Prior to joining Genting Hong Kong in year 2000, he worked in an audit (company) and a manufacturing firm,” MQ Tech said.
Genting Hong Kong is a global leisure, entertainment and hospitality enterprise. It operates cruise ships under various brands, including Star Cruises, and has a stake in Resorts World Manila.
MQ Tech’s move into the leisure and entertainment sector is aimed at lessening the impact of the tooling and automation business, whose revenues are affected by “significant fluctuations.”
In January last year MQ Tech’s unit Star Acres Sdn Bhd signed a subscription and shareholders’ agreement with Cash Support Sdn Bhd to develop a theme park in Malacca. Last month Star Acres entered into a memorandum of agreement with Cambodian Resort And Entertainment Co Ltd to collaborate on developing a theme park in Cambodia.
In a separate filing with Bursa Malaysia on Wednesday, MQ Tech also announced the resignation of executive director Lim Soon Seng due to “his other commitments and responsibilities.”
With Lim’s resignation, all the four executive directors who had been on MQ Tech board at the time its shareholders approved the diversification (at an EGM in May last year) had either resigned or passed away.
Since November last year, MQ Tech has appointed three new executive directors, including Wong.