Nanyang New Development's plan to move into the business of brokering gold bullion, as well as retail sales of jewellery, has been aborted.
As first announced on Feb 7, the company plans to invest $1 million in an entity called Gold Bar Pte Ltd, a registered dealer incorporated in May 2023 and is held by one Tony Soh Tze Shen.
According to Nanyang New Development on April 2, it is unable to agree to the change in business direction of the GBPL that the other subscribers under the agreement have proposed.
"After further discussions, the parties to the agreement have mutually agreed not to proceed with the share subscription and to terminate the agreement."
Nanyang New Development is the new name of the listed entity previously known as Matex International, a chemicals company.
Nanyang New Development shares last traded at 2.2 cents.
