SINGAPORE Nov 18 Blumont Group Ltd,
which suffered a sudden implosion in its share price in October
after a huge run-up this year briefly turned it into a billion
dollar company, said its non-executive independent director had
resigned due to other commitments.
Ng Su Ling has stepped down from the company and it is in
the process of identifying a replacement, Blumont said in a
statement to the stock exchange after the market closed on
The crash in the shares of penny stocks, Blumont, LionGold
Corp, and Asiasons Capital Ltd - after huge
run-ups in their share prices earlier in the year - had left
many in the market mystified and raised question marks over
whether Singapore Exchange missed red flags and was
too slow to act.
The Monetary Authority of Singapore (MAS) said last month it
was conducting an extensive review of the share price volatility
in Blumont, LionGold and Asiasons - three inter-linked
The three stocks lost more than S$8 billion ($6.4 billion)
in combined market value in a few trading sessions in October.
Before that, Blumont's share price had risen more than 1,000
percent since the start of the year.
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($1 = 1.2465 Singapore dollars)
(Reporting by Anshuman Daga; Editing by Jeremy Laurence)