Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-Intraco jumps after tycoon buys stake

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STOCKS NEWS SINGAPORE-Intraco jumps after tycoon buys stake Jun 6th 2012, 02:29 Tue Jun 5, 2012 10:29pm EDT Shares in Intraco Ltd jumped 22 percent to their highest in more than 11 years after Singapore tycoon Oei Hong Leong bought a large stake in the materials trading company. By 0219 GMT, Intraco shares were up 19.8 percent at S$0.695, their most expensive since November 2000. Over 7.3 million shares had been traded by that time, compared with a full-day average volume of 4.9 million over the last five sessions. Oei bought 20.8 million Intraco shares through the open market and via a married deal at around S$0.50 per share, according to a stock exchange filing. Oei now holds a 21 percent stake in Intraco. "Retail investors believe Oei spotted an undervalued company, that's why they are buying into the stock now," said a local trader. Intraco also said last week TH Investments Pte Ltd had bought a 29.89 percent stake in Intraco from Hanwell Holdings Ltd for about S$18.3 million. TH Investments is controlled by crane company Tat Hong Holdings Ltd. For related statements click 1006 (0206 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) ************************************************************ 8:38 STOCKS NEWS SINGAPORE-Index futures up 0.3 pct Singapore index futures were up 0.3 percent, signalling a positive start for the benchmark Straits Times Index. Asian shares nudged up on Wednesday but were capped by concerns that Europe's financial strains could intensify without a global response, as Spain warned that it was being shut out of credit markets. 0837 (0037 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com) Link this Share this Digg this Email Reprints

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