According to Nanyang New Development on April 2, it is unable to agree to the change in business direction of the GBPL that the other subscribers under the agreement have proposed.
Nanyang New Development's plan to move into the business of brokering gold bullion, as well as retail sales of jewellery, has been aborted.
As first announced on Feb 7, the company plans to invest $1 million in an entity called Gold Bar Pte Ltd, a registered dealer incorporated in May 2023 and is held by one Tony Soh Tze Shen.
