RGB International Bhd of Malaysia has announced the plans to enter the Timor-Leste gaming sector have been suspended. The suspension of the plans are due to the delays that took place in regards to license allocation. The announcement was made via the Malaysian Stock Exchange via a statement by RGB.
RGB International had plans to purchase at least 30% stake in Timor Holding Ltd, the operator of electronic gambling machines. The two had been in discussions since early July of 2014, when RGB stated they had been waiting for the Timorese authorities to grant a gaming license.
In the statement, the company stated that the board of directors decided that the best interest of the company, after considering the relevant aspects, would be to terminate the deal. In the beginning, $214,000 had been paid at the signing of the agreement and that money has now been returned.