Molyneux Drops Blumont Investment Plan on Singapore Lawsuits
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Alexander Molyneux, chairman-designate of Blumont Group Ltd., one of three Singapore stocks whose trading is being probed by police and the regulator, dropped a plan to buy shares in the company because of lawsuits.
Molyneux won’t proceed with a purchase of 135 million shares in Blumont, the Singapore-based commodity trader said yesterday in a statement. The company said Oct. 7 that Molyneux will buy the stock from shareholders including Executive Chairman Neo Kim Hock. Blumont slid 4.9 percent to 3.9 Singapore cents at the close in Singapore. The stock plunged 98 percent through yesterday from a record S$2.45 on Sept. 30.