Albedo RTO deal gets larger as more land is acquired

THE size of the reverse takeover (RTO) of steel trader Albedo has swelled, with the target company injecting more land in Iskandar, Johor, into the deal.

In a regulatory filing, Albedo said it will buy six more plots of land from Infinite Rewards - controlled by Malaysian tycoon Danny Tan - on top of the seven already agreed on.

Catalist-listed Albedo first announced plans to acquire Reflections Oasis (wholly owned by Infinite Rewards) in an RTO in September, as part of plans to shift focus to property development in Iskandar.