RGB shelves plan to enter Timor-Leste gaming industry

KUALA LUMPUR: RGB International Bhd has shelved its plan to enter the gaming industry in Timor-Leste via the purchase of a 30% stake in Timor Holding, Lda (THL).

The electronic gaming machines and equipment manufacturer told Bursa Malaysia that RGB (Macau) Ltd, which is wholly owned by its unit RGB Ltd, had decided not to acquire the 30% equity stake – representing one share quota - in THL, whose business is operating of amusement and electronic gaming machines.

RGB said it and vendor Steven Lim Tow Boon, who is also RGB’s executive director and chief operating officer, mutually agreed to rescind the agreement dated July 8, 2014, with immediate effect as the relevant gaming licence has yet to be issued by the Timor-Leste authority.

RGB said the advance payment of US$214,286 paid to Lim had been refunded to RGB (Macau) Ltd. “The board of directors of RGB International, having considered all relevant aspects, is of the opinion that the rescission is in the best interest of the group.

RGB shares closed unchanged at 14 sen on Friday.