Albedo signs MOU to buy 308ha of land in Iskandar that will lead to reverse takeover
Catalist-listed Albedo, which trades in steel and other raw materials, wants to transform itself into a major real estate player.
It has entered into a non-binding framework agreement or memorandum of understanding (MOU) with Temasya Cergas to acquire five parcels of land in Iskandar, Malaysia, some 762 acres (308 ha)
Albedo will pay for the purchase through issuing new shares to Temasya that will result in a reverse takeover of the company by Temasya.
No amount was disclosed. The aim is to come up with a definitive agreement by Aug 30.