Albedo RTO deal still 'valid and binding'

STEEL materials supplier Albedo has added confusion to a planned reverse takeover in a Singapore Exchange filing late on Friday.

Confirming in part an earlier report by The Star Online in Malaysia that the deal was off, it said that representatives from Infinite Rewards - controlled by Malaysian tycoon Danny Tan - have requested that the sale and purchase agreement (SPA) be mutually terminated, when both parties met earlier that day.

But both parties had not reached any mutual agreement as at Friday, and hence it remains "valid and binding", said Albedo, adding that neither party can unilaterally terminate the agreement.