Blumont given extension by SGX to find replacement director

SINGAPORE - Mining firm Blumont Group has been given more time by the Singapore Exchange to appoint a replacement director and audit committee member, said the firm on Friday. It now has up to April 17 to do so.

Blumont has to replace Ms Ng Su Ling, who resigned as an independent director and audit committee member on Nov 18 last year.

The firm originally had until Feb 17 to appoint a replacement. It currently has only two members in its audit committee.

Blumont said in a statement: "Since Ms Ng's unexpected resignation, the company has been actively searching for a replacement director and audit committee member.

"However, the company has been unsuccessful to date due in part to the specialised nature of the mineral and energy resources sector and the relative infancy of the industry in Singapore."

The firm also said that close market scrutiny after the recent sharp fall in its share price has affected recruitment. It added that most potential candidates interviewed expressed caution and asked for more time to consider the role.

Blumont also said that Ms Ng's departure was unanticipated, so it could not prepare for a replacement director in time.

The Christmas and Chinese New Year periods also shortened the three-month period given to find a replacement.

Blumont said it "will make such further announcements as appropriate to keep shareholders updated on the appointment of the replacement director".