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20 Sep 2013

Albedo in S$774.14m RTO to buy land in Johor's Iskandar

Source; Business Times

By: Angela Tan

ALBEDO Limited said on Friday that it has agreed to a S$774.14 million reverse takeover (RTO) that would transform it into a major property developer in Iskandar, Malaysia's special economic zone in the southern state of Johor.

The Singapore steel trading company will issue 34.55 billion new shares representing about 95 per cent of its enlarged issued capital around 2.24 Singapore cents per share.

It will also sell its current operating business to Albedo's Chief Executive Officer, Tai Kok Chuan or his nominee(s).

Albedo has entered into a conditional sale and purchase agreement with Infinite Rewards Inc, a company majority owned by Malaysian tycoon Tan Sri Dato' Danny Tan