Q&M Dental ends joint venture plan to make surgical masks
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Q&M Dental announced the plan more than a year ago.
PHOTO: ST FILE
Jamie Lee
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SINGAPORE (THE BUSINESS TIMES) - Q&M Dental Group will not proceed to set up a surgical mask manufacturing company with partners, as announced more than a year ago.
This is after it and its partners failed to meet definitive terms under a non-binding memorandum of understanding (MOU), as made public on March 11, 2020, Q&M Dental said in a regulatory filing on Saturday (May 29).
Q&M Dental had meant to partner Hubei Aishubao Living Supplies and Guangzhou Pharmasen. They had intended to set up a joint venture for the proposed business.
The MOU was due to terminate if definitive agreements over the proposed investment were not entered into within one year of the date of the MOU.
"As at the date of this announcement, parties have failed to successfully negotiate and finalise the terms of the definitive agreements," Q&M Dental said. "Consequently, the MOU is now terminated, and no party has any further obligation or liability against each other in respect of the MOU."
Shares of Q&M Dental closed on Friday at $0.675, down half a cent.
