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Blumont reshuffles board, senior management

MAINBOARD-LISTED Blumont Group has reorganised its board of directors and senior management after its chief operating officer (COO) and chief financial officer (CFO) resigned, just one week after the investment holding company appointed a new chief executive officer (CEO).

Blumont said on Wednesday night that its new CEO Lee Tak Meng has also been appointed as an executive director, effective April 25.

Lee Boon Teck, COO and executive director, as well as Kek Wei Na, CFO and executive director, have both quit and will relinquish their duties with effect from April 30.

Meanwhile, Blumont has appointed John Lee Yow Meng as its new CFO and an executive director, effective April 25.

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Calvin Lim Huan Kim retired as a director of the company on April 24, and from that date has ceased to be the lead independent director, chairman of the audit committee and remuneration committee, and a member of the nominating committee.

Ng Keok Chai has been appointed to all the above roles held by Mr Lim, effective April 25.

Blumont shares were trading at 0.3 Singapore cent as at 10.21am on Thursday, up 0.1 cent.

The group is one of three penny stocks said to have been manipulated, sending its price into a spectacular collapse in 2013. The penny stocks trial is ongoing.