ISEC Healthcare Ltd allowed a non-binding pact with a Vietnamese company to lapse and has entered into a memorandum of understanding (MOU) with another Vietnamese partner.
The eye specialist group said on Monday that it has on Jan 16 inked a non-binding memorandum of understanding (MOU) with Hai Yen Anh Tran Company Limited and Tran Hai Yen to form a joint venture company.
It is intended that ISEC will hold an effective 51 per cent stake in the JV while Hai Yen Group will hold the remaining 49 per cent.
Hai Yen Group, owned by Dr Yen and several individuals who are independent third parties, was founded in 2014 in Ho Chi Minh City to operate private eye clinics.
Meanwhile, ISEC's non-binding MOU with Cao Thang Corp and Nguyen Danh Khoi last April has lapsed on Saturday. The parties will not proceed with their intended project, the forming of a JV company and entering into any JV agreement.