Businessman Mark Wee owns 51.4% of Blumont shares after close of offer

BUSINESSMAN Mark Wee Liang Yee now owns 51.4 per cent of the total issued shares in Blumont Group, following the closing of a mandatory unconditional cash offer for the firm at S$0.0004 per share on Dec 31.

On Nov 16, Mr Wee triggered a mandatory unconditional cash offer to buy out Blumont Group after acquiring a 50.8 per cent stake in the company from Ultimate Horizon, owned by Malaysian businessman and non-executive chairman of Blumont, Siaw Lu Howe.

The transaction was done via the purchase of some 14 billion shares at S$0.0004 each. Mr Wee then made a similar offer for the shares he did not already own at the same price.

The offer price represented a discount of about 80 per cent to Blumont's share price, whether for the one-, three- or six-month period leading up to its last trading day before the offer.

Mr Wee previously said that he intends to review Blumont's business to identify areas in which its strategic direction and operations can be enhanced, which may involve the disposal or cessation of underperforming businesses and assets, the purchase of new assets and the redeployment of certain employees in the future. He also intends to keep the company listed.

He is currently the executive chairman and major shareholder of WHT Capital, an investment management and holding company in Malaysia, and the executive deputy chairman and CEO of Bursa-listed hospitality firm Landmarks Berhad.

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Blumont was one of the companies implicated in the 2013 penny stock collapse.

Its latest annual report listed its business as investment holding, sterilisation and polymerisation services and property development.

The counter closed at S$0.004 on Thursday, down S$0.001 or 20 per cent.