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KUALA LUMPUR: MQ Technology Bhd
's unit is expanding into Cambodia via a joint venture with Cambodian Resort And Entertainment Co. Ltd (CRE) to build and manage a Jurassic theme park there.
MQ Tech, which is involved in precision mould making, magnetic coils for hard disk drive, said on Tuesday it had signed a memorandum of agreement (MoA) to undertake the project.
“The MoA is in line with MQTech’s plans to diversify its existing business to include the development and business of theme park, which is expected to provide new source of income to MQTech group and thus reducing its reliance on the existing business,” it said.
CRE owns 5.1 hectares in Bonteay Chakkrei, Prey Veng Province in Cambodia. It plans to undertake a mixed resort development with the theme park, htels, casino and partment.
The total estimated development value is US$51.1mil within six years.
Under the MoA, MQTech's unit Star Acres Sdn Bhd will help CRE set up the US$5.1mil theme park within three years on a joint operation basis, subject to a due diligence review.
Star Acres will be given the exclusive rights to invest in the other development to be undertaken at a later stage on the piece of land.
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