Autagco (SGX:1D3) decided to terminate its proposed joint venture with r+, following the expiry of a term sheet and extension between the two parties, according to a Friday filing with the Singapore Exchange.
The decision to not proceed with the venture was made following an additional review of the company's strategic plans.
Earlier, the two parties had signed a non-binding term sheet to establish a joint venture company for the operation and management of up to 15 hospitality projects in Singapore, Malaysia, Thailand, Vietnam and Japan.
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