Coinsilium Group Ltd (AQSE:COIN, OTCQB:CINGF), the Aquis-listed Web3 incubator, has provided an update on IOV Labs Asia PTE, its 50-50 Singapore joint venture with IOV Labs.
IOV Labs had previously proposed to replace the existing joint-venture agreement with an alternative business model.
Coinsilium today reaffirmed its position that a prerequisite to progressing an alternative business model would be the satisfactory resolution of the existing joint-venture arrangements.
Coinsilium submitted its formal proposal for the resolution of the joint venture agreement to IOV Labs in December 2022 and the parties have appointed respective legal representatives to work with them in good faith towards an amicable resolution.
Coinsilium has now received a substantive written response from IOV Labs with its proposal for the resolution of the joint venture, which Coinsilium will review and consider.
A further announcement will be made in due course.
IOV Labs currently holds 25,934,000 shares in Coinsilium representing 14.84% of its outstanding ordinary shares.
Coinsilium Chairman Malcolm Palle and non-executive director Wayne Almeida are non-executive directors of IOV Labs.