SINGAPORE (Oct 30): Shareholders of IPCO International, one of the nearly dozen companies linked to penny stock saga of 2013, has approved the change of name to Renaissance United.
Shareholders who own a total of just over 1.4 billion shares and who were present at an extraordinary general meeting on Oct 30, voted unanimously in favour of the name change.
IPCO’s former CEO is Quah Su Ling. Together with John Soh Chee Wen, the two are alleged masterminds of the 2013 penny stock saga that resulted in $8 billion in market value destroyed. The trial of this duo is likely to begin next March. Goh Hin Calm, the IPCO's former interim CEO, similarly faces trial for a lesser role played.
Several companies linked to the episode have tried changing names, as new substantial shareholders gained control amid the rubble.
One of the earliest to rename was Asiasons Capital, which has been renamed Attilan Group in April 2015. More recently, in Januay this year, ITE Electric has been renamed Sunrise Shares Holdings.
