Singapore-based iron and steel mogul Albedo eyes acquiring Malaysian developer firm

For a whopping $774m.

According to Reuters, Albedo Ltd has agreed to a S$774 million ($621 million) takeover by a company controlled by Malaysian businessman Danny Tan in a deal that will see Albedo join international property developers buying up land in Malaysia's sought-after Iskandar region.

"Shares of Albedo fell as much as 13 percent in early trading in Singapore in response to a transaction that will see existing investors' holdings diluted," Reuters said in a report.

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