JAKARTA (Yosefardi) – Shares in Singapore’s Blumont Group Ltd ended flat at S$0.13 Tuesday (Oct 8), reversed its morning gain, after the company appointed a new chairman.
On Monday (Oct 7), Bluemont, which also has some investment in Indonesia, lost 83% to S$0.17, collapsed 93% from peak.
Signs of the collapse at Bluemont Group have actually been seen in July when the company issued 855 million new shares at S$0.05 per share or a discount of 96.27% to the volume weighted average price (VWAP) of S$1.327 per share on Singapore Stock Exchange (SGX).
Blumonth reported Monday (Oct 7) that successful mining entrepreneur, Alex Molyneux, has acquired an interest in 5.2% of Blumont, the he is nominated to lead the Group as Chairman.
While the company has aborted the proposed S$145 million acquisition of ASX-lsited Cokal Ltd, which controls over 80,000 hectares of coal concessions in Indonesia, Bluemont launched a fresh maneuver Monday afternoon. Bluemont said it has on Monday entered into a binding term sheet for US$8 million of loan facility to Cokal Ltd.
In July 2013, Bluemont entered into a conditional agreement to acquire a 12.75% stake in the enlarged capital of Australian Securities Exchange (ASX) – listed Cokal Limited, which focuses on high margin metallurgical coal, and has interests in coal exploration tenements in Kalimantan, Indonesia and Tanzania.
Cokal Ltd dropped 19.57% to AUD0.1850 per share Tuesday (Oct 8).