Albedo and Temasya extend deadline for signing RTO deal

Also add 2 more land parcels.

SGX Catalist-listed steel trading company Albedo Limited announced that the deadline for agreeing to a reverse takeover deal with Temasya Cergas Sdn Bhd has been extended from today to 30 September 2013.

Albedo and Temasya said they have today signed a supplemental agreement to a Memorandum of Understanding (MOU) announced on 16 August 2013. Both parties have agreed to extend the deadline as well as to include two more land parcels in the MOU for negotiation.

The additional land parcels, also located in Gelang Patah in the Iskandar region, cover a total area of 157 acres, comprising a 53-acre parcel and another of 104 acres. The land will be used for industrial, commercial, and residential mixed property development. It is accessible from Johor Bahru City via multiple access roads and also via the Tuas Second Link Expressway.

The latest land parcels will increase the total under the MOU to about 919 acres, including the 762 acres announced in the MOU last week. Under the proposed terms of the MOU, Albedo will pay for the land by allotting and issuing new ordinary shares to Temasya. This may result in a potential reverse takeover pursuant to Rule 1015 of Listing Manual (Section B: Rules of Catalist) of the Singapore Exchange Securities Trading Limited.

Albedo Limited was founded by CEO Tai Kok Chuan in 1988. It is engaged in general wholesale trade, manufacturing and processing, and supply and distribution of industrial and engineering raw materials, instruments, semi-finished and finished products to the iron and steel industry in the Asia Pacific region. Albedo was listed on the then SGX-SESDAQ in 2006.