JUBILEE Industries Holdings on Wednesday said that the company, along with Jewelstone Properties, will no longer be proceeding with the proposed acquisition of Tenderside Ventures.

In a statement to SGX, Jubilee said that both parties were "unable to reach a consensus on some of the principal commercial terms of the proposed acquisition."

This comes even after both parties underwent "active negotiations" after the signing of the non-binding memorandum of understanding (MOU) and had mutually agreed to extend the exclusivity period by six months, such that it would end on August 14, 2014, said Jubilee.

Both parties have mutually agreed to terminate the non-binding MOU with effect from June 3, 2014.