FP Network, an indirect wholly-owned subsidiary of Global Yellow Pages, has terminated an agreement to acquire a majority stake in property tech company FundPlaces.

FundPlaces uses blockchain technology to operate an online platform, which allows investors to invest in the development, financing and ownership of real estate projects globally.

Global Yellow Pages had originally agreed to subscribe for new shares representing about 50.11 per cent of FundPlaces for S$2.004 million.

On Jan 5, FP Network completed the first tranche of the subscription. It now holds a 20 per cent stake in FundPlaces.

Before Global Yellow Pages' subscription, the sole shareholder of FundPlaces was Rems Advisors, a Singapore-incorporated company which engages in real-estate research and consultancy services. It is 40 per cent owned by the co-founders of FundPlaces, Brian Wee and Tan Kok Keong.

Following the termination of the subscription agreement, the companies involved have entered into a new shareholders' agreement.

Under this new agreement, the board of FundPlaces will not have more than three directors, two of whom will be appointed by Rems.

In addition, the shareholder who has the largest holding of issued shares in FundPlaces will be entitled to appoint the chairman of the board.