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Albedo's share price plunges on report of Iskandar deal falling through

Published on Mar 19, 2014 4:58 PM

Shares in Catalist-listed Albedo plunged on Wednesday after a report that a key deal to inject Johor land into the firm was falling through.

The company halted trading at 10.15 am as it received a query on its trading activity from the Singapore Exchange - but not before 42 per cent of its value had already been shaved off.

The company lost 2.2 cents to three cents, from its previous close of 5.2 cents. Selling activity was frenzied in that sole hour of trade, as 487.37 million units changed hands.

That meant Albedo was the day's most active stock as at 4pm, although there was only one hour of trade. Albedo said its trading halt on Wednesday is pending the release of an announcement.

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