KUALA LUMPUR: Infinite Rewards Inc has signed an agreement with Albedo Ltd to terminate the sales and purchase agreement (SPA) relating to parcels of land in Iskandar Malaysia. It would have seen Albedo, which is listed on the Catalist board of the Singapore Exchange, buy 13 parcels of land (totalling 475.40ha) located there in exchange for all-new ordinary shares that would result in a reverse takeover. The termination takes effect immediately, the companies said. “The parties had encountered difficulties during the course of fulfilling the conditions precedent to the SPA and were unable to reach consensus in resolving such difficulties.”
news