Halex Holdings Bhd has abandoned its plans to diversify into the gaming business.

In a filing to Bursa Malaysia on Thursday, the company announced it will no longer acquire at least 51 percent equity in Cambodian lottery operator VW Win Holdings Plc.

Back in September, Halex International Sdn Bhd signed a memorandum of understanding to acquire a part of VW Wing Holdings. The proposed acquisition, however, is still subject to several conditions.

Among those conditions is that Halex must receive a written approval from Cambodian authorities in connection with the proposed sale and purchase of shares, while VW Win must complete a legal and financial due diligence on the business, and also obtain approval from its shareholders as well as Bursa Malaysia and Security Commission Malaysia.