Nanyang New Development has on Feb 7 announced plans to move into the business of brokering gold bullion, as well as retail sales of jewellery.
Together with a group of other investors, Nanyang New Development 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.
Nanyang New Development and its co-investors will first commit $190,000 and then, the full sum, "over a period of time".
Nanyang New Development will hold 55%, with Gong Hanxian; Soh, the vendor, and Wiley Partners holding 30%, 5% and 5% respectively.
The company explains that it is "actively seeking potential opportunities for the strategic short-term investments in high-growth potential companies"
Gold Bar Pte Ltd "was presented as a potential investment" and that this investment will allow the company to engage in the dealing of gold and other precious metals, which is aligned with the company’s intention to engage in the trading of commodities.
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Up till Feb 2, the company was known as Matex International, which used to be a dye company under previous controlling shareholders.
On Jan 23, the company announced its plans to issue $4.158 million worth of convertible notes to 2 investors, Hong Kong-based investment firm Ascentas Capital Management controlled by Dickson Lam Yee Yin, and Chinese businessman Li Baohua.
The notes carry an interest of 6% a year and has a conversion price of 1.98 cents. Assuming full conversion, the two investors will end up owning 14.47% of the company each.
