Deal for Prey Veng Jurassic Theme Park Scrapped

• 4 January 2019
• Local News
• 2244 Views

Sample photo by Shenghung Lin

The joint venture responsible for the planned Jurassic Theme Park in Prey Veng Province has announced that the project is to be scrapped with Malaysian investment firm, MQ Technology Berhad pulling out of the deal with Cambodia Resort and Entertainment (CRE).

According to an announcement made on the Bursa Malaysia stock exchange on 02 January, 2019, MQ Technology Berhad decided to end the agreement to develop and manage the project which was to be built near the Cambodia-Vietnam border in Prey Veng Province.

The US$51 million project signed on 13 December, 2016 included a casino, hotel and the Jurassic Theme Park and was expected to be completed within the next six years, but the timeframe had already been extended eight times.

“The Board of Directors of MQ Technology Berhad wishes to announce that the MOA, which was previously extended to 2 January 2019 is deemed to have lapsed,” the company said.

“The MOA, which relates to a proposed joint venture between Star Acres SdnBhd, a wholly-owned subsidiary of the Company, and CRE to develop and manage a theme park in the Kingdom of Cambodia has not been extended as the parties have not been able to move the venture forward,” the company added.

The original agreement of the Jurassic Theme Park would see Star Acres SdnBhd hold 70% of the share while the remaining share was owned by CRE.

• Projects Development