Albedo refutes Malaysian report of scuttled RTO deal

A PLANNED reverse takeover (RTO) deal is still on, steel materials supplier Albedo said yesterday, refuting a Malaysian news portal report that it said could have caused the stock to tumble in the morning.

"The parties to the proposed acquisition have not reached any mutual agreement - verbal, written or otherwise - to terminate the proposed acquisition," Albedo said in a reply to a Singapore Exchange (SGX) query. "The company is also concurrently seeking clarification from the vendor on this matter, and will be releasing a separate announcement shortly."

Shares of Albedo fell as much as 53.8 per cent or 2.8 cents to a low of 2.4 cents yesterday and were last trading at three cents (down 42.3 per cent or 2.2 cents) before trading in the stock was halted.