Wing Hing International Holdings Ltd. (621), a building contractor, rose the most in almost a year in Hong Kong trading after agreeing to pay as much as $580 million for South Africa’s Taung Gold Ltd.
Wing Hing gained 17 percent to 70 Hong Kong cents at 12:31 p.m. local time, the most since April 9 last year. The stock had been suspended since Jan. 31.
Taung has interests in two gold mining projects in South Africa, which may a total of about $2 billion to develop, Wing Hing said in a filing on April 4. The Hong Kong-based company will issue 10.9 billion shares to pay for the transaction.
The company is shifting its focus to gold mining, completing the purchase of an exploration license in China’s Hebei province in July.
To contact the reporter on this story: Elisabeth Behrmann in Sydney at firstname.lastname@example.org
To contact the editor responsible for this story: Andrew Hobbs at email@example.com