April 8, 2014 / 9:57 AM / in 4 years

Blumont chairman-designate to call off share purchase

SINGAPORE, April 8 (Reuters) - Blumont Group Ltd, a Singapore-listed company at the centre of a penny-stock crash last year, said its chairman-designate had decided not to buy a sizeable stake in the company.

In a short statement sent to the Singapore exchange on Tuesday, the company did not give any reason why Alexander Molyneux, who announced plans in October to acquire a 7.8 percent stake in Blumont after the price fall, was calling off the planned share purchase.

“Molyneux remains as a consultant and key adviser to the board of directors of the company and the nominating committee will consider the latest developments and seek to meet up with Molyneux to make a decision regarding his position as chairman-designate, as soon as possible,” Blumont said.

Molyneux, when contacted by Reuters, said he was not able to provide any more information on why he was calling off the share purchase or his position with the company.

Last week, Blumont, which mainly invests in mining assets, said one of its subsidiaries has been asked to assist in a police investigation. The Singapore police and central bank said they were looking into suspected trading irregularities in shares of other companies also. (Reporting by Anshuman Daga and Rachel Armstrong; Editing by Himani Sarkar)

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