SINGAPORE (Mar 29): Blumont Group, one of the three counters at the centre of the penny stock crash saga in 2013, has entered into a term sheet for the proposed acquisition of Samadhi Retreats for up to $43.8 million.

Samadhi Retreats owns and operates hotels, resorts, and villas around Southeast Asia, as well as restaurant and tourism operations in the region. It also has ownership and development rights to certain real estate in Malaysia and Thailand.

Some $7 million of the purchase price will be satisfied in cash, while the remaining $36.8 million will be via the issue and allotment of 9.2 billion shares in Blumont at 0.4 cent each.

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