Albedo's RTO deal hanging on tenterhooks

Shares recover slightly but announcements signal tension

Anita Gabriel
Published Mon, Mar 24, 2014 · 10:00 PM
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CATALIST-LISTED Albedo shares bounced back a tad yesterday after an injurious showing last Wednesday when its stock price plunged more than 40 per cent following a report that its lifeline-deal involving sizeable Iskandar land had fallen through.

The proposed massive $1.86-billion reverse takeover deal involving Malaysian tycoon Danny Tan taking control of Albedo is still hanging on tenterhooks but the counter inched up 0.2 cent or 7 per cent to 3.2 cents yesterday when share trading resumed, with some 690 million shares done. This was after an intra-day low of 2.3 cents and high of 3.7 cents.

Trading resumed yesterday after it was halted since the early hours of trading on March 19 following a sharp fall triggered by a report in Malaysia's The Star Online news portal that the deal would be called off.

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