KUALA LUMPUR (May 9): Industrial mold manufacturer MQ Technology Bhd has acquired a 19% equity interest in Mongolia-based gaming business group Monvest Group Pte Ltd for RM8.55 million.

Monvest Group runs the Mongolian National Lottery (MNL) via two of its wholly-owned subsidiaries in Mongolia, namely Modern Capital Vest LLC and Biz-Invin LLC.

Modern Capital is in lottery management business while Biz-Invin is the licence holder of the lottery operation in Mongolia.

In a statement today, MQ Technology said the lottery business in Mongolia is growing.

"In 2017, Modern Capital reported a net profit after tax of 965 million tughrik (RM1.52 million), while Biz-Invin reported a net profit after tax of 1.53 billion tughrik (RM2.41 million). We are very excited with our new venture into this fast growing gaming industry in Mongolia," said MQ Tech executive director Joeone Tong Sian Shyen.

Moving forward, the group said it is planning to enhance its operation by initiating new management and marketing strategies until 2025.

"The main marketing initiative of Monvest Group is the potential collaborations with well-known local third parties such as popular night clubs, pubs and restaurants. The purpose of the collaborations mainly is to establish new distribution channel and to promote the MNL brand to the other market segments," it said.

MQ Technology's share price was unchanged at four sen in early afternoon trading, with 9.54 million shares done.