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SG Albedo negotiates for more land in Iskandar

Property Here - Monday, September 02, 2013

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Catalist-listed Albedo, a steel trading company, announced that the deadline for agreeing to a reverse takeover deal with Temasya Cergas has been extended to 30 September.

While Albedo and Temasya have signed a supplemental agreement to a memorandum of understanding (MOU), both parties also agreed to extend the deadline to include two more land parcels in Iskandar, Malaysia under the MOU for negotiation.

Earlier it was reported that Albedo would acquire five parcels of land in the region of some 762 acres. The additional land parcels, also located in Gelang Patah, have an area of 157 acres, comprising a 53 acre site and another of 104 acres.

The land will be used for industrial, commercial, and residential mixed property development. It is accessible from Johor Bahru through multiple access roads and via the Tuas Second Link Expressway.

The sale will be paid up through an issuance of new shares to Temasya.

 

Romesh Navaratnarajah, Senior Editor at PropertyGuru, wrote this story. To contact him about this or other stories email romesh@propertyguru.com.sg