Mining Magnate Buys Sizable Blumont Stake After Stock Drop

Law360, New York (October 7, 2013, 5:01 PM EDT) -- Blumont Group Ltd. said Monday that mining magnate Alexander Molyneux will take a 5.2 percent stake in the company and become its new chairman, a shakeup announcement that comes days after the Singapore-listed conglomerate backed off acquisition plans after a steep stock plunge.

Molyneux bought 95 million shares from Blumont Executive Chairman Neo Kim Hock and another 40 million from an unnamed investor, according a securities filing. The deal came as Blumont resumed trading after losing more than half of its stock value on Friday, a...
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