SIAS draws attention to Blumont amid SGX query
It calls for speedy investigation into unusual price rise
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INVESTOR lobby group Securities Investors Association (Singapore), or SIAS, has called for a "speedy investigation" into the unusual share price rise in Blumont Group. The call comes even as Blumont replied to a Singapore Exchange (SGX) query yesterday that it was not aware of any unannounced reasons that accounted for its share trading activity.
SIAS said Blumont shareholders need to know the reason for the price rise and whether it is supported by fundamentals. The company is now trading at close to 500 times its earnings over the last 12 months, and about 60 times the value of its net assets.
"We hope there is an acceptable explanation by the company. If not, SIAS calls on the relevant authorities to investigate this unusual stock activity immediately," said SIAS president David Gerald.
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