Perak Corp and Only World Group Holdings have scrapped plans to co-manage and co-operate the loss-making Movie Animation Park Studios (MAPS) in Perak.
Losses incurred to date on the project are reportedly RM474.4 million (approximately $115.87m).
The deal was originally agreed in January. The Edge Markets reports mutual termination of the Heads of Agreement (HOA) was today announced by both companies.
In August, the state government of Perak, Malaysia, called for a forensic audit of the park in an attempt to save it.
MAPS, Asia’s first animation theme park, opened last June. The RM520 million ($120m) theme park stretches over 21 hectares in Ipoh, Perak, Malaysia. It features more than 40 attractions in six themed zones. Animated themes include The Smurfs, Boboiboy and animated Dreamworks characters.
Earlier this year Perak Corp had negotiated a deal with theme park operator Only World Group to co-manage and co-operate the Malaysian theme park. The park fell into trouble in June when an external auditor’s report showed huge losses for Perak Corp. Last week, the planned Dream Zone area was cancelled after a deal could not be reached with Dreamworks.
https://www.theedgemarkets.com/article/perak-corp-and-only-world-group-scrap-collaboration-struggling-theme-park
