Albedo reveals more info on RTO deal

CATALIST-LISTED Albedo yesterday disclosed additional information on its proposed $774.14 million reverse takeover (RTO) deal - first announced about two weeks ago.

If successful, Albedo will be acquired by Malaysian tycoon Danny Tan, who will transform the steel trader into a major property developer in Iskandar, Johor's special economic zone.

In its announcement yesterday, Albedo broke down the market value of each of the seven parcels of land in Gelang Patah that it is acquiring through Reflections Oasis. The plots' values range from RM55 million (S$21.5 million) to Parcel 1's RM960 million. The total market value is RM2.72 billion.