Singapore's Blumont non-exec independent director resigns

PHOTO: Singapore's Blumont non-exec independent director resigns

SINGAPORE - Blumont Group Ltd, which suffered a sudden implosion in its share price in October after a huge run-up this year briefly turned it into a billion dollar company, said its non-executive independent director had resigned due to other commitments.

Ng Su Ling has stepped down from the company and it is in the process of identifying a replacement, Blumont said in a statement to the stock exchange after the market closed on Monday.

The crash in the shares of penny stocks, Blumont, LionGold Corp, and Asiasons Capital Ltd - after huge run-ups in their share prices earlier in the year - had left many in the market mystified and raised question marks over whether Singapore Exchange missed red flags and was too slow to act.

The Monetary Authority of Singapore (MAS) said last month it was conducting an extensive review of the share price volatility in Blumont, LionGold and Asiasons - three inter-linked companies.

The three stocks lost more than S$8 billion ($6.4 billion) in combined market value in a few trading sessions in October. Before that, Blumont's share price had risen more than 1,000 per cent since the start of the year.