Albedo trying to salvage Iskandar deal
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Anita Gabriel
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CATALIST-LISTED Albedo is fighting hard to salvage a $1.86 billion reverse takeover deal to acquire huge tracts of Iskandar land from Malaysian tycoon Danny Tan.
The ailing steel trading firm said yesterday that it had met with representatives of Infinite Rewards Inc, a private vehicle of Mr Tan and family, on April 3 and that the parties were trying to resolve outstanding issues related to the acquisition of Reflections Oasis - a wholly owned developer of Infinite Rewards.
Albedo said that both sides were "endeavouring to resolve issues" pertaining to the proposed acquisition and to meet the conditions precedents in the sale and purchase and supplemental agreements.
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