Tuesday, August 20, 2013

Albedo

Albedo: has signed an exclusive MOU with Temasya Cergas for a potential RTO, which would see Albedo buying 5 parcels of land in Iskandar, Msia, totaling approx 762 acres, to be satisfied by issue of new Albedo shares to Temasya. Both parties shall endeavor to reach a definitive agreement by 30 Aug 2013. The lands to be acquired are located in Gelang Patah, which is in the vicinity of Setia Eco Gardens in Flagship B (Nusajaya) of Iskandar. The lands range from 29 – 279 acres each and are slated for an integrated business park and mixed use (commercial and residential) devt. Albedo believes the proposed acquisition will provide an opportunity for the co to venture into new business areas which have the potential for growth. The diversification is important as its existing trading and distribution businesses of steel related raw materials and consumables are seeing challenges in the form of intense competition and softening demand, and profit margins are being eroded.

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