Blumont seeks trading halt

BLUMONT Group on Monday sought a halt in the trading of its shares, pending the release of an announcement.

At 1.45pm, the company was trading at around S$0.011 a share, down 8.33 per cent, with more than 8.66 million shares changing hands.

Blumont said on Friday that it has waived all conditions to its off-market takeover bid for Australia-listed mineral exploration and development company Genesis Resources Limited via a share swap. Each Genesis shareholder that has accepted or accepts the offer before the close of the offer will be issued Blumont shares.

Genesis directors had recommended on March 3 that shareholders reject the deal. But Blumont said the proposed takeover bid continues and the offer is scheduled to close on March 23. Blumont has a voting power of 1.43 per cent in Genesis as of March 12.