SINGAPORE (THE BUSINESS TIMES) - Businessman Mark Wee Liang Yee has triggered a mandatory unconditional cash offer to buy out Blumont Group after acquiring from Ultimate Horizon a 50.8 per cent stake in the company. The transaction was done through the purchase of some 14 billion shares at 0.04 cent each. As a result, it is making a similar offer for the shares it does not already own at the same price. But unlike most offers which are at premiums to the prevailing trading prices, Mr Wee's offer carries an approximately 80 per cent discount to Blumont's share price, whether for the one-, three- or six-month period leading up to its last trading day before the offer. So far, Ultimate Horizon has undertaken to reject the offer for its remaining 29.5 per cent stake in the firm. Ultimate Horizon is owned by Malaysian businessman and non-executive chairman of Blumont, Siaw Lu Howe. It had in August 2017 launched a mandatory takeover of the company at 0.0182 cent apiece, but failed to amass sufficient acceptances to push the deal through. Blumont was one of the companies implicated in the 2013 penny stock collapse. The penny stocks trial is ongoing. Its latest annual report listed its bu...