SINGAPORE Oct 8 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
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)