RPT-UPDATE 2-Blumont queries SGX's lifting of trading halt, reveals new chairman

Tue Oct 8, 2013 5:18pm EDT
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* Blumont says expressed concerns to SGX

* New chairman sees large scale growth

* Blumont shares end flat after earlier rally

By Rujun Shen

SINGAPORE, Oct 8 (Reuters) - Singapore-listed Blumont Group Ltd, which has lost more than S$6 billion ($4.81 billion) in market value over four turbulent trading days, questioned the wisdom of the bourse's decision to unlock its shares from suspension.

Blumont was one of three companies suspended by the Singapore Exchange Ltd on Friday after their share prices plummeted by 40 to 60 percent. The bourse said then that investors may not be fully cognizant of the companies' affairs.

On Monday, the Singapore Exchange allowed Blumont's shares to resume trading but under certain conditions. The resumption of trade saw their share price continue to slide.

James Hong, one of Blumont's executive directors, told reporters in Singapore on Tuesday that the company had expressed concern to the bourse on Sunday and that investors should have more time to digest what had happened to the stock.   Continued...