Sinofert Holdings, the mainland's largest fertiliser importer, saw its shares surge 7.73 per cent yesterday to a record on speculation that the company's long-awaited plan to buy its parent's assets would take place soon.
Shares in the Hong Kong-listed unit of Sinochem Corp, the mainland oil and chemical conglomerate, closed at HK$4.32 with a hefty transaction volume of HK$188.92 million.
The stock has gained 31.7 per cent over the past 10 trading days.
A company spokesman said there was no timetable for the acquisitions.
A media report yesterday said they would happen soon at a price tag of two billion yuan.
The company had said it planned to buy stakes in three firms from Sinochem Corp in three to four years after it completed the purchase of its parent's fertiliser business in a HK$5.05 billion deal two years ago.