Malaysia's RGB International Group plans to acquire Philippines' EGM for about P126 million. The acquisition involved 86 electronic gaming machines and was held by a company in East Timor.
RGB Ltd, a wholly-owned subsidiary of RGB International Group, will receive a 20% profit interest in the consoles (net of taxes and joint expenses) under an agreement with Timor Holdings SA, a Timor-Leste EGM company based in Timor-Leste capital.
RGB International Group said the deal is a "good investment opportunity" that will help strengthen its gaming console portfolio in the Philippines.
"We expect to recoup this investment within the next 24 months, which will contribute positively to the bottom line of our TSM segment," they added.
RGB International Group mainly focuses on the trading and management of gaming and entertainment machines and equipment, with operations in Cambodia, Laos, Vietnam, Singapore, Philippines, Macau, East Timor and Nepal.
It is worth mentioning that RGB International’s director and major shareholder Chuah Kim Seah served as a director of Timor Holdings until January 1, 2023 and remains an indirect shareholder of the company.
0 Comments