KUALA LUMPUR: MQ Technology Bhd (MQTech) has acquired a 19 per cent stake in Monvest Group Pte Ltd (Monvest Group), gaming operator in Mongolia, for RM8.55 million.

The stake, which was held by Dynamic Gallery Ltd, has enabled MQTech to establish nationwide lottery brand and name it Mongolian National Lottery (MNL).

MQTech executive director Joeone Tong Sian Shyen said the company was excited with its new venture into this fast growing gaming industry in Mongolia.

Upon its successful establishment, the group located its sales booths for lottery ticket sales throughout Ulaanbaatar, the capital city of Mongolia.

The booths were equipped with lottery terminals that could be monitored from MNL headquarters.

The initial lottery games under the MNL brand were launched in late 2013, namely 4D Lottery, 6D Jackpot and 6/42 Lotto games. The combined lottery prize amount reaches over MNT200 million.

Monvest Group is planning to enhance its operation by initiating new management and marketing strategies until 2025 in line with its vision “to be a successful lottery agency in Mongolia” through innovative management and contribute to the development of Mongolia.

The main marketing initiative of Monvest Group includes the potential collaborations with well-known local third parties such as popular night clubs, pubs and restaurants.

The company said the collaboration was mainly aimed at establishing new distribution channel and promoting the MNL brand to the other market segments.

It said the Mongolian population had surpassed three million few years ago where almost half of it resides in the capital city.

About 44.5 per cent of the total population aged 25-54 years with a balanced gender ratio comprising 51 per cent women and 49 per cent men.

“The age sector 25-54 covers 44.3 per cent of the total population, which is almost half of the total population, and can be chosen as the target audience for MNL,” it said.