Albedo and Malaysian tycoon strike $774m RTO deal.
Albedo to issue 34.55b new shares.
According to OSK, Malaysian tycoon Danny Tan is acquiring Albedo Ltd in a proposed SGD774.14m reverse takeover (RTO) deal that will transform the Singapore-listed company into a major property developer in Iskandar, Malaysia's special economic zone in the state of Johor.
Here's more from OSK:
Under a conditional sale and purchase agreement entered into on Thursday, Albedo will acquire the entire issued capital of Reflections Oasis Inc for SGD774.14m.
Albedo will issue 34.55b new shares representing about 95% of its enlarged issued capital at around 2.24 Singapore cents each to Infinite Rewards Inc, fully owned by Mr Tan and his sons.