Shares of Singapore's Blumont plunge over 50 pct after plan to take over coal miner
SINGAPORE Oct 4 (Reuters) - Shares of Singapore's Blumont Group plunged by more than 50 percent after the company said it had reached an agreement on the terms of a proposed takeover bid of a foreign-listed coal mining company for up to S$146 million ($117 million).
Blumont shares fell as low as S$0.885, the lowest since late July. Nearly 8 million shares were traded within 40 minutes of trading.
Blumont, which did not name its target, said it will issue up to 72.2 million new shares, representing around 4.2 percent of its enlarged share capital, at S$2.02 each. (Reporting by Eveline Danubrata; Editing by Rachel Armstrong)
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