Blumont gets mandatory takeover bid from Malaysian businessman

Singapore

BLUMONT Group, one of three stocks involved in October 2013's penny stock rout, has received a mandatory takeover bid from Malaysian businessman Siaw Lu Howe at 0.0182 Singapore cent a piece.

The mandatory unconditional cash offer was triggered following the acquisition of a 69.56 per cent stake in Blumont by Ultimate Horizon - a vehicle owned by Mr Siaw, who has businesses in hospitality, real estate and mining services primarily in Sarawak - on Thursday for S$4 million or 0.018172 Singapore cent per share.