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Blumont announced on Friday that it reached agreement on commercial terms for a proposed takeover bid to fully acquire all shares of an unnamed foreign-listed coal company for consideration of up to $SGD145.9 million.
The target turned out to be Australia-listed Cokal, but both parties were quick to cancel the play after Blumont’s shares plummeted a whopping 56%.
Blumont later explained the deal was off “for the time being” in its response to a Singapore stock exchange query over this volatile trading.
Indonesia’s coal scene is facing regulatory uncertainty due to government plans to increase royalties and introduce a separate coal export tax.
Blumont had a market cap of about $A2.9 billion last month and was increasingly making resource investments to diversify its investment portfolio.
