Blumont shares soar after new chairman appointed; Asiasons jumps

SINGAPORE Mon Oct 7, 2013 9:26pm EDT

SINGAPORE Oct 8 (Reuters) - Shares in Singapore-listed Blumont Group Ltd opened up 131 percent at S$0.30 on Tuesday, after the company appointed mining industry veteran Alexander Molyneux as its new chairman.

Molyneux, who is chairman of two companies in which Blumont has invested - uranium firm Azarga Resources Ltd and Celsius Coal Ltd, a coking coal development company with assets in Kyrgyz Republic - has also agreed to acquire a 7.8 percent stake in Blumont.

Blumont was one of three stocks that has declined steeply in the past two trading days. The Singapore Exchange suspended trade in the stocks after they plunged on Friday in a rare move for the bourse and market regulator. Investors may not be fully informed of the companies' affairs, SGX said then.

It later lifted the trading halts on Sunday but declared the stocks "designated securities," meaning investors cannot short-sell them and purchases must be paid for upfront with cash.

The other two stocks also jumped, with Asiasons Capital Ltd rising as high as 57 percent to S$0.235 and LionGold Corp Ltd climbing as much as 40 percent to S$0.35. (Reporting by Rujun Shen; Editing by Edwina Gibbs)

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