Shares of Halex Holdings rose on news that a subsidiary of a Malaysian pesticide manufacturer signed a memorandum of understanding to acquire at least 51% of the stake in a Cambodian casino company.
According to the Malaysian Chronicle, the company announced an MOU with Datuk Seri Stanley Go Take Geng, the majority shareholder of VWin Holdings, which operates the Cambodian lottery.
For Halex to get written approval from Cambodian authorities and for VW Win to obtain a valid online gaming license in Cambodia, VW Win must submit an MOU. VW Win says it will guarantee Halex's net profit of more than 12.93 million yuan ($3 million) over three years starting in 2016.
Hylex shares jumped nearly 90% amid expectations despite the stock surging ahead of the news. Chronicle says the stock has steadily fallen since the announcement.
Co began as a network marketer and is now linked to Century Dynamics Group, which has diversified into Indonesian coal mining, Singapore shipping and Hong Kong investment advice, Khmer News reported. The publisher said the acquisition of a game license would likely push the stock up on a more sustainable basis. 릴게임