KUALA LUMPUR Malaysia's Infinite Rewards Inc and Singapore-listed Albedo Ltd ABDM.SI have scrapped plans for a reverse takeover, according to a statement on Friday, in a deal that would have let Albedo join the foray of international property developers buying up land in Malaysia's Iskandar region.
The sales and purchase agreement was for the Catalist-listed Albedo to acquire 13 parcels of land totaling 1,182.58 acres in the Iskandar region in exchange for new ordinary shares.
"The termination takes effect immediately," Infinite Rewards said in the statement. "The parties had encountered difficulties during the course of fulfilling the conditions ... (for) ... the sales and purchase agreement and were unable to reach consensus in resolving such difficulties."
Singapore newspapers had earlier reported that Albedo was trying to salvage the takeover, valued at $620 million, by the company controlled by Malaysian businessman Danny Tan.
Albedo had planned to use the proceeds to buy Reflections Oasis Inc, a subsidiary of Infinite Rewards, which is in the process of acquiring seven parcels of land in Malaysia for commercial, industrial and residential development.
($1 = 3.173 Malaysian ringgit)
(Reporting by Anuradha Raghu; Editing by David Holmes)