Blumont

Blumont: In response to recent queries by SGX on the substantial increase in the price of Blumont shares and related media articles, the group reiterates its initial response that it is not aware of any information not previously announced which might explain the increase in the share price. The group however highlighted that the recent flurry of activities within the company could have attracted international interests, which includes an international fund management firm, who has expressed interests in investing into the company via a private placement, although discussions are still ongoing. Blumont added that it has held discussions with over 20 potential acquisition targets and joint venture partners, over the last five months, of which most of them are listed companies, Overall, the group concludes that at all times the company has been in compliance with the listing rules of SGX, especially in regards to the disclosure of material information. Given its market cap of $6.2b, The Business TImes notes that this means Blumont is worth as much as S'pore Press Holdings, twice as valuable as M1, and three times that of SMRT, Wheelock Properties and Venture Corp. This challenges common sense because Blumont posted revenue of a mere $714,000 in 2Q13 and a net loss of $22.4m on the back of fair value write-downs on its financial assets.