Blumont soars after naming new chairman, LionGold, Asiasons rebound
SINGAPORE (Reuters) - Shares in Singapore's Blumont Group more than doubled in early trade on Tuesday after the company appointed a new chairman, while Asiasons Capital and Liongold Corp rebounded from steep drops in the previous session.
In a rare move, the Singapore Exchange last Friday suspended trade in the shares of Blumont, Asiasons and Liongold, warning the market may not be fully informed of the companies' affairs after share prices tumbled.
The exchange on Sunday lifted the trading halts, but declared the stocks "designated securities," meaning investors cannot short-sell them and purchases must be paid for upfront with cash.
Asiasons was Liongold's biggest shareholder with an 8.7 per cent stake as of Aug. 30, while Blumont and Liongold have a non-executive independent director in common.