Blumont gets approval for placement of 100m new shares

BLUMONT Group on Tuesday said that it has obtained in-principle approval from the Singapore Exchange for the proposed placement of 100 million new shares priced at S$0.01705 each that could raise up to S$1.67 million in net proceeds.

A subscriber, Vigneswaran T Subramaniam, has agreed to subscribe for all of the new shares, said Blumont.

The company said it intends to use the money for capital expenditure and operating expenses; legal, consultancy, professional and statutory fees; and director fees, wages and salaries.

Part of the net proceeds, Blumont added, will be used to start development of land held by the its subsidiary Trackplus, as part of its property business segment.