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Blumont mulls over options to meet minimum share price of S$0.20 for mainboard listing
BLUMONT Group said on Monday that it is considering its options on how to comply with Singapore Exchange's (SGX) requirement that securities listed on the Main Board must maintain a minimum share price of S$0.20 each.
Blumont shares were trading around S$0.011 each before the company sought a halt in their trading pending an announcement.
"At this stage, the company considers that its options include (but are not limited to) undertaking a share consolidation or, potentially, transferring the listing of the shares from the Main Board of the SGX to the Catalist board of the SGX-ST," Blumont said.
"The company will determine the appropriate course of action in due course," it said, adding that shareholders' approval will be required.
SGX implemented the minimum trading price of 20 Singapore cents for mainboard-listed companies on March 2, 2015.
Blumont will have a one-year transition period to meet this requirement as issuers will be first assessed for compliance on March 1, 2016.
Separately, Blumont said its takeover bid for Australia-listed mineral exploration and development company Genesis Resources Limited via a share swap is now "unconditional". The offer closes on March 23, 2015.
Genesis directors had recommended on March 3 that shareholders reject the deal.