Not much hope in Albedo's Iskandar deal going through

Current abysmal share price seen as pointing to the deal lapsing in Sept

Anita Gabriel

Anita Gabriel

Published Tue, May 13, 2014 · 10:00 PM

PRETTY much no one seems to think that Catalist-listed Albedo's mammoth $1.86-billion Iskandar land deal involving a reverse takeover by Malaysian tycoon Danny Tan will stick.

Since signs emerged in mid-March that Albedo's transformational deal was on rocky ground and Mr Tan has had a change of heart, the counter has tanked to near lows of 1.1 cents, ending at 1.3 cents on Monday.

At current levels, a far cry from a high of 7.6 cents it reached in September last year and, more recently, 5.2 cents reached in mid-March this year, Albedo is a stark reminder on the perils of investing in penny stocks on the back of deals yet to be closed.