Albedo

Albedo: Albedo will resume trading this morning, after the company updated that the RTO agreement with Infinite Rewards remains valid and binding, despite representatives from the vendor requesting for a mutual termination on its RTO agreement. To recap, Infinite Rewards- Tan Sri Dato' Danny Tan's investment holding company, planned to inject 13 Iskandar land parcels with land size over 479 ha worth an aggregate $1.86b, which will transform Albedo into a major property developer in Iskandar. Separately, Albedo has a new substantial shareholder, Jarmata Profits, which acquired 33.9m shares on 19 Mar for $0.0589 each, raising its stake from 3.76% to 5.58%. We note that the disclosure may be erroneous and misleading, given that Albedo's share price never went above $0.058 that day. Jarmata is owned by entrepreneur Dato Sri Thomas Hah Tiing Siu, chairman of Joinland Group.