SINGAPORE (Aug 24): An entity called Ultimate Horizon has made a 0.0182 cent per share offer to take over Blumont Group.

The takeover deal values Blumont at $5.8 million, which is more than 80% off its market value of $31.65 million based on its last traded share of 0.1 cent.

Blumont was one of the three counters at the centre of the penny stock saga of October 2013 whose alleged mastermind John Soh Chee Wen is now in remand and awaiting trial.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook