Tropicana

Singapore listed steel trader Albedo Ltd said its proposed S$774 million reverse takeover deal to buy the property arm of Infinite Rewards Inc, a company controlled by Tan Sri Danny Tan is still intact.

It said the parties to the proposed acquisition have not reached any mutual agreement, verbal, written or otherwise, to terminate the proposed acquisition.

It was reported that Tan Sri Danny Tan is aborting his plans to inject his prized Johor land into Singapore-listed Albedo Ltd, a company whose share price shot through the roof late last year on speculation that it would become a new “Iskandar play”.

Sources said talks between Tan and the major owners of Albedo – a loss-making steel and raw materials company – broke down after they failed to agree on the terms of the sale.

Tan had planned a reverse takeover of the Catalist-listed Albedo following the injection of his 762-acre tract of land in Johor.

It is learnt that both parties have mutually agreed to end the deal and are in the midst of making their announcements soon.