Magnum gets RI gaming license

Magnum gets RI gaming license

KUALA LUMPUR: Magnum Corp. Bhd., a Malaysian gaming company, on Wednesday said it has obtained a license to operate gaming operations in Indonesia.

In a statement to the Kuala Lumpur Stock Exchange, Magnum said its unit Magnum Investment Ltd. has been appointed as the sole manager for the development, management, marketing and promotion of a draw known as "the Sports Welfare Game" in Indonesia.

The game's participant can buy a ticket in conjunction with some sports events.

In addition to attendance at the sports event, each ticket entitles the holder to participate in a draw to win various predetermined prizes or their cash equivalent, Magnum said.

The draw is expected to be launched in the first quarter of this year.

Magnum said the new operation is likely "to contribute positively to the earnings of the Magnum group in the medium and long term." -- Dow Jones