Blumont's new investor to buy 135m shares

[SINGAPORE] Blumont Group has appointed Alexander Molyneux as its chairman designate with effect from yesterday.

The move came after Mr Molyneux, in cooperation with Pacific Advisers, agreed to buy 135 million Blumont shares, representing about 5.2 per cent of the total shares outstanding, post rights issue. The indicative acquisition price will be 40 cents per share, subject to price adjustments.

The final acquisition price will be the volume weighted average price of Blumont's shares between the date of the agreement and closing of the transaction subject to a floor price of S$0.20…