Malaysian maker of gaming equipment RGB International Bhd has confirmed that it intends to spin off its technical support and management division and list it on the Hong Kong Stock Exchange.
The company told Bursa Malaysia on Monday that it had yet to finish the process of appointing a sponsor and merchant banker to undertake the spin-off listing. The company said it would make the necessary announcement once the appointment process was complete.
The disclosure by RGB International to the Malaysian stock market confirms a report published on Monday in The Edge Malaysia.
RGB International reported a profit attributable to its owners of MYR15.0 million (US$3.63 million) for the first six months of this year, 1 percentage point higher than the MYR14.8 million achieved in the same period a year earlier.
Revenue for the period grew by 120 percent to almost MYR214.2 million. Revenue for product sales and marketing – the firm’s main segment – rose by 194 percent to MYR153.54 million.
A big, recent sale by RGB International was the sale of more than 900 new slot machines to Donaco’s Star Vegas Resort and Club casino resort in Cambodia. The new machines are worth more than US$25 million, Donaco told the Australian Securities Exchange last year.
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DS Kim, Jeremy An and Christine Wang
Analysts at brokerage JP Morgan Securities (Asia Pacific) Ltd