Albedo fails to get clean bill of health
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Anita Gabriel
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Singapore
ALBEDO, still reeling from a botched reverse takeover deal mid last year that would have transformed the anaemic steel player into a more exciting Iskandar Malaysia real estate play, failed to get a clean bill of health from auditors for its latest full-year financial results.
The firm's independent auditors Foo Kon Tan LLP cited the Catalist-listed firm's impairment losses related to its 70-per-cent owned Thai Tech Steel (2003) (TTS2003), which it has since disposed of last December for S$1, for its disclaimer of opinion.
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