Albedo raises $3m via private share placement

To fund its China expansion dreams.

Catalist-listed Albedo Limited has raised $3 million through a share placement to the CEO of a Shanghai-based franchisor.

The share placement to Frankie Kiow of Wealth Union will be used to fund Albedo’s expansion in China where it will be managing a kidney hospital and a medical aesthetic clinic in Qingdao, a city in eastern Shandong province.

The moves come barely three months after Albedo shareholders approved plans to transform the Catalist-listed company from a primarily metal trading and distribution business into one providing medical aesthetics and healthcare services.

The first step in the transformation involved Albedo acquiring a 51% stake in China, a Singapore-incorporated company which provides health and wellness services in Taiwan and China.