Oleh: Arjuna Chandran Shankar
KUALA LUMPUR (Jan 2): MQ Technology Bhd has scrapped plans to collaborate with Cambodian Resort And Entertainment Co Ltd (CRE) on the development and management of a Jurassic Theme Park in Cambodia.
In a filing with Bursa Malaysia today, MQ Technology said the memorandum of agreement (MoA) entered into with CRE on Dec 12, 2016 and extended to Jan 2, 2019, has lapsed.
"The MoA, which relates to a proposed joint venture between Star Acres Sdn Bhd, a wholly owned subsidiary of MQ Technology, and CRE to develop and manage a theme park in Cambodia has not been extended as the parties have not been able to move the venture forward," it added.
CRE owns a 5.1ha piece of land in Bonteay Chakkrei, Prey Veng Province in Cambodia and had planned to develop it into a mix resort development with the intent of setting up a Jurassic Theme Park together with other facilities including hotels, casino and apartments at an estimated cost of US$51.1 million (RM22.4 million) within six years.
Under the MoA, MQ Technology was to assist CRE in the setting up of the Jurassic Theme Park within three years on a joint operation basis, with MQ Technology being given the exclusive rights to invest in other developments to be undertaken at a later stage on the piece of land.
MQ Technology shares closed unchanged at 3 sen today, with 582,300 shares traded, giving it a market capitalisation of RM14.93 million.