Singapore-listed Blumont Group queried by SGX over rise in share price
Singapore-listed investment holding company Blumont Group halted trading in its shares for an hour and a half on Tuesday morning after being queried by the Singapore Exchange (SGX) over an unusually steep rise in its share price.
SGX noted that Blumont's share price has risen from 30 cents on Jan 2 this year to $2.45 as at Sept 30.
"This is an eight-fold increase over only nine months," the SGX said, adding that Blumont's market capitalisation has jumped over the same period from $508 million to $6.3 billion - a 12.5 fold increase.
While Blumont has announced a series of acquisitions since December last year, most were relatively small and "these announcements may not sufficiently explain the steep increase in the price of Blumont shares", the SGX said.