SINGAPORE - Blumont Group has received a mandatory takeover bid from Malaysian businessman Siaw Lu Howe at 0.018 Singapore cents a share, according to an announcement on Thursday to the Singapore Exchange.

The mandatory unconditional cash offer was triggered following the acquisition of a 69.56 per cent stake or 22 billion shares in Blumont by Ultimate Horizon on Thursday for S$4 million or 0.018172 Singapore cent per share.

Ultimate Horizon is a vehicle owned by Mr Siaw, who has businesses in hospitality, real estate and mining services in Sarawak.

The firm said the offer was final and would not be revised.

Blumont is a loss-making investment holding and property, mineral and energy resources company that has been on a slide since imploding in the 2013 penny stock crash. It has traded below one Singapore cent since mid-2015.

Trading in Blumont shares was halted on Thursday pending release of the announcement. The counter was last traded at 0.1 Singapore cents.