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Ho Wah Bets on Gaming

23 June 2004

MALAYSIA – As reported by the Malaysia Business Times: "Ho Wah Genting Bhd said its new gaming and hotel subsidiary is expected to be the group's primary income generator this year following its favourable performance in 2003.

"The group, better known as a manufacturer of wire, cables and moulded power supply cord sets, recently diversified into the hotel and gaming business with the opening of its casino resort in Poipet, near the Thailand and Cambodian border last year.

"'The bulk (of profit) will definitely come from the casino and gaming areas, hopefully,' executive chairman Goh Sin Huat told reporters after the group's annual general meeting in Kuala Lumpur yesterday.

"For the year ended December 2003, Ho Wah's casino and resort division contributed RM37.1 million (US$9.76 million)or 20 per cent towards its total revenue of RM144 million (US$9.97 million), despite only starting operations in April last year…"

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