Beleaguered penny stock trio suffer another selldown on Wednesday morning

Shares of Blumont Group, Asiasons Capital and LionGold Corp tumbled within the first hour of the market opening on Wednesday, in a sign that troubles continue to dog the beleaguered penny stock trio.

Blumont's shares fell to a historic low of 7.9 cents within the first 30 minutes of trading, as some 17 million shares changed hands.

In that half-hour, Asiasons shares slipped 0.8 cents to 11 cents, after 3.81 million shares were traded.

The third counter, LionGold, droppedfrom its opening price of 16.4 cents to 15.6 cents in that same 30-minute window.

This comes after more shareholders and other stakeholders head to the courts over trading actions taken during the trio's precipitous share price plunge in October.

Some shareholders have commenced legal action against global bank Goldman Sachs, which force-sold their stakes in the three counters in October.

Among them are Ipco International chief executive Quah Su-Ling, Blumont executive director James Hong and LionGold independent director Ng Su Ling, who is also company secretary at Ipco.

Ms Quah is also embroiled in another suit filed by US discount broker Interactive Brokers Group. The brokerage is suing six Malaysians and two companies over some $79 million in losses.

Join ST's Telegram channel and get the latest breaking news delivered to you.