Halex International Sdn Bhd has entered into a memorandum of understanding with Cambodian lottery firm VW Win Holdings plc.

In a filing with Bursa Malaysia, Halex said the MoU was signed with VW Win majority shareholder Goh Teik Keng with intent to acquire at least 51 percent stake in the Cambodian lottery firm.

VW Win, a private limited company incorporated, currently operates a licensed lottery gaming business in Cambodia and also has plans to apply for and operate an online gaming license in the country.

Halex, however, made it clear that the proposed acquisition still hinges on the fulfillment of several conditions by December 10.