Malaysian businessman Siaw Lu Howe launches mandatory takeover bid for Blumont

BLUMONT Group has received a mandatory takeover bid from Malaysian businessman Siaw Lu Howe at 0.0182 Singapore cent apiece.

The mandatory unconditional cash offer was triggered following the acquisition of a 69.56 per cent stake in Blumont by Ultimate Horizon - a vehicle owned by Mr Siaw, who has businesses in hospitality, real estate and mining services primarily in Sarawak - on Thursday for S$4 million or 0.018172 Singapore cent per share.

In an announcement on the Singapore Exchange, the offeror said that the offer is final and will not be revised.

Trading in Blumont shares was halted on Thursday pending release of the announcement. The counter was last traded at 0.1 Singapore cent.

The offeror said that it plans to undertake a review of the group's business following the offer's close and to identify areas to enhance Blumont's strategic direction and operations.

As part of the review, the offeror may undertake an assessment of the group's human resource requirements in line with its future corporate direction. It also "retains the flexibility at any time to consider any options in relation to the group which may present themselves and which it may regard to be in the interests of the group", read the offer announcement.