Infinite Rewards buys S’pore’s Albedo
SINGAPORE: Albedo Ltd has agreed to a S$774 million (RM1.9 billion) takeover by a company controlled by Malaysian businessman Tan Sri Danny Tan in a deal that will see Albedo join
international property developers buying up land in Malaysia’s sought-after Iskandar region.
Singapore-based Albedo plans to issue 34.55 billion new shares at S$0.0224 each to Tan’s Infinite Rewards Inc, equal to about 95
per cent of the enlarged Albedo’s stock.
Albedo will use the proceeds to buy Reflections Oasis Inc, a subsidiary of Infinite Rewards, which is in the process of acquiring seven parcels of land in Malaysia for commercial,
industrial and residential development.
Based on an estimate by Knight Frank Malaysia Sdn Bhd, the aggregate market value of the land was about S$856 million as
of August 30.
The development of the Iskandar region in Johor is spearheaded by state investment arm Khazanah Nasional Bhd and has attracted
companies including CapitaLand Ltd, Southeast Asia’s largest property developer.
Albedo had a market capitalisation of S$115 million at the close of the previous trading session, before the Infinite Rewards deal was announced.
Albedo shares traded 11.8 per cent lower on Singapore exchange yesterday to close at S$0.067, compared with a record high of
S$0.077 hit recently. Reuters