OxPay Financial (SGX:TVV) said talks to invest in PT Diners Payment Indonesia have ended after the parties failed to reach an agreement on definitive terms, according to a Tuesday filing on the Singapore Exchange.
The company said a non-binding term sheet signed in November 2023 has lapsed.
Despite multiple extensions, the parties were unable to finalize terms for the proposed investment. As a result, OxPay and its counterpart will not proceed with a deal.
The investment was intended to give OxPay or its affiliate a stake in the Indonesian payment processing company, which issues and manages Diners Club-branded cards in Indonesia.
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