Three-year net profit guarantee
A subsidiary of the Malaysian agricultural chemical manufacturer and distributor Halex has signed a memorandum of understanding to acquire at least 51 percent of a Cambodian casino company.
The Malaysian Star reports that Halex International Sdn Bhd will become the major shareholder of VW Win Holdings Plc, which now runs a lottery in Cambodia and intends to apply for an online gaming license there.
Conditions of the MOU state that Halex must submit written approval from authorities in Cambodia, and VW Win must obtain a valid online gaming license in Cambodia. VW Win says it will guarantee Halex a net profit of not be less than $3 million (RM12.93mil) for three years starting in 2016.
