June 7, 2012 / 9:07 AM / 7 years ago

CORRECTED-STOCKS NEWS SINGAPORE-Intraco jumps after tycoon buys stake

(Corrects ownership of TH Investments in 5th paragraph)

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 owned by the family controlling crane company Tat Hong Holdings Ltd .

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1006 (0206 GMT) (Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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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.

Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com

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