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Albedo Ltd In $774 Million RTO With Tan Sri Dato' Danny Tan's Company To Buy Land In Johor's Iskandar

Thursday, 19 Sep 2013 07:00pm EDT 

Albedo Ltd announced that it has agreed to a $774.14 million reverse takeover (RTO) with a company majority owned by Malaysian tycoon Tan Sri Dato' Danny Tan that will see Albedo transformed into a property developer in Iskandar, Malaysia’s special economic zone in the southern state of Johor. Albedo, listed on the Catalist board of the Singapore Exchange, said it had entered into a conditional sale and purchase agreement with Infinite Rewards Inc. to buy its wholly-owned subsidiary, Reflections Oasis Inc. The latter is in the process of acquiring seven parcels of land in Gelang Patah, Johor, with a total area of 662.7 acres. Infinite Rewards is owned by Tan Sri Dato’ Danny Tan (94%), his sons, Dato’ Dickson Tan Yong Loong (2%), Dillon Tan Yong Chin (2%), and his daughter, Diana Tan Sheik Ni (2%). Albedo will pay for the $774.14 million acquisition by issuing 34.55 billion new shares representing about 95% of the enlarged issued capital of the Company at around 2.24 Singapore cents per share. Albedo and Infinite Rewards are also negotiating for the inclusion of two parcels of land of about 233.04 acres to be included in the agreement. 

Company Quote

-0.0010 -7.69%
29 May 2015