Blumont terminates proposed transactions with coal mining firm Cokal

Current share trading prices "adveresely affected" deal.

In a disclosure to the Singapore Exchange, Blumont Group Ltd. said that its previously announced proposed transactions involving a foreign-listed coal mining company, now revealed to be Cokal Limited, a company listed on the Australian Securities Exchange (ASX: CKA), have been terminated.

Blumont said the company’s share trading prices in the morning of the announcement "have materially and adversely affected the commercial terms discussed with Cokal."

"In light thereof, the Company and Cokal have agreed not to proceed with the Transactions for the time being. The Company and Cokal continue to believe in the strategic merit underpinning the proposed Transactions, and are continuing to explore opportunities for similarly mutuallybeneficial transactions with each other," it added.

"Shareholders should note that there is no certainty that such transactions will be agreed upon and entered into. The Company will update Shareholders and make appropriate announcements at the relevant time," it said further.