Quick take: MQ Technology jumps 12% on its Mongolian lottery business venture

KUALA LUMPUR: MQ Technology Bhd jumped 12% in early trade Friday after announcing its plan to venture into the business in Mongolia.

The industrial mold manufacturer jumped 12.5%, or 0.5  to 4.5 sen. It is currently the most active counter on Bursa Malaysia with over 35.8 million shares done.

MQ Technology is venturing into the lottery business in Mongolia through the acquisition of a 19% stake in Mongolia’s Monvest Group Pte Ltd for RM8.55mil.

Monvest Group operates the Mongolian National Lottery (MNL), a lottery business operation in Mongolia via two of its wholly owned subsidiaries there, namely Modern Capital Vest LLC (MCV) and Biz-Invin LLC.

MCV is in lottery management business while Biz-Invin is the licence holder of the lottery operation in Mongolia. Biz-Invin operates more on the marketing side of the lottery such as arranging events, promoting jackpot prizes through advertising campaigns, buying billboards space and associated advertising as well as conducting educational programs.

Since inception, MCV and Biz-Invin have been focusing on developing the lottery business with the assistance of IT and lottery business consultants from Malaysia.