Blumont mulling transfer to Catalist board

SINGAPORE - Mainboard-listed Blumont Group announced on Wednesday that it is considering a transfer to the Catalist board of the Singapore Exchange (SGX).

Blumont said it believes that the proposed move will provide a more suitable platform for the listing and trading of its shares and better allow the group to attract investors in future. The group said it will disclose further information when it is appropriate to do so.

In the same statement, Blumont also said it will not proceed with the proposed consolidation of its existing ordinary shares, which it had announced in April 24.

One reason for the proposed share consolidation had been to comply with a minimum trading price of 20 cents as part of a continuing listing requirement for the Mainboard.

As the requirement is not applicable to issuers listed on the Catalist board, Blumont would not have to comply should it adopt a Catalist listing in future.

Shareholders should note that it is still uncertain whether approval for the proposed transfer will be obtained or if the transfer will be undertaken, the company said.

It requested a trading halt of its shares earlier on Wednesday prior to the announcement of a possible listing transfer.

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