CATALIST-LISTED medical eye care service provider ISEC Healthcare on Monday announced the termination of the memorandum of understanding (MOU) with Vietnam-based Hai Yen Group.
The MOU - non-binding, and entered into with Hai Yen Anh Tran Company Ltd and Tran Hai Yen - was announced in January.
As the parties have not entered into any formalised agreements, and as the MOU had lapsed on Oct 15, the MOU has been terminated, ISEC said.
"Following the termination, the MOU will not be extended and the parties had ceased negotiations on the MOU. In this regard, the parties will not proceed with entry into any formalised agreements nor establish a joint venture company."
ISEC added: "Notwithstanding the termination, the group continues to see business potential in Vietnam and shall continue to look out for other business opportunities in Vietnam."