Molyneux scraps plan to buy Blumont shares

No reason provided; canned deal is fresh blow for firm

Anita Gabriel
Published Tue, Apr 8, 2014 · 10:00 PM
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MINING investor Alexander Molyneux dropped plans to buy a stake in Blumont Group yesterday, six months after he stepped into the spotlight to defend the resource firm's prospects amid a massive beating suffered by its shares.

No reason was provided in the announcement to the Singapore Exchange, but Blumont said the 39-year-old Hong Kong-based investor remains as a consultant and key adviser.

It said he had planned to buy 135 million shares, which would have given him a 5.2 per cent stake in the firm. Of the 135 million, 95 million were from Blumont executive chairman Neo Kim Hock and 40 million, from another investor.

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