SGX suspends trading in Asiasons, Liongold and Blumont shares

October 4, 2013 Leave a comment

SGX suspends trading in Asiasons, Liongold and Blumont shares

Friday, Oct 04, 2013

Reuters

In a dramatic move this morning, the Singapore Exchange (SGX) suspended the trading of three stocks, namely Blumont, Asiasons Capital and Liongold. SINGAPORE – The Singapore Exchange Ltd on Friday suspended trading in Asiasons Capital Ltd and Liongold Corp Ltd after their share prices fell sharply in the morning session. Asiasons shares plunged 61 per cent while Liongold Corp shares dropped 42 per cent before their trading suspension. According to statements filed by both firms, the Singapore bourse operator invoked SGX-ST Rule 8.10 to immediately suspend trading “to safeguard the interests of the market as there could be circumstances that would result in the market not being fully informed”. It also suspended the trading of Blumont Group Ltd shares after the company said it plans to take over a foreign-listed coal mining company, sending its shares plunging by more than 50 per cent. “This is to safeguard the interests of the market as there could be circumstances that would result in the market not being fully informed,” a stock exchange filing said. Blumont said before market hours on Friday that it had reached an agreement on the terms of a proposed takeover bid of a coal mining company for up to S$146 million ($117 million).

Filed under Investing Process, Macro Trends

About bambooinnovator
Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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