Ex-law minister stakes money on Singapore penny stock

January 29 2013 KUALA LUMPUR Jan 29 — 

Former minister Datuk Zaid Ibrahim has turned his eyes from law to the lucrative oil and gas sector, buying up a 7 per cent stake in Singapore-based Ipco International the Straits Times (ST) reported today .

Ipco a listed company with a finger in a large number of pies worldwide ranging from construction and infrastructure to the energy sector is reportedly the hottest stock on the Singapore market since the start of the year and crossed the billion share mark amid frenzied trading on January 11 .

Zaid , whom the paper said was introduced to Ipco by its chief executive Quah Su Ling has agreed to buy up 350 million shares worth a whopping S$6 9 million( RM17. 15 million ),giving him a 7 per cent share in the company’s enlarged capital .

Ipco said it was selling the shares to Zaid to raise funds for working capital purposes and short-term investments ST reported adding that the company has been struggling to move out of the 2 .2 to 2. 4 Singapore cent range despite the heated interest from investors .