Refineria la Pampilla SA, the Repsol SA unit known as Relapasa, surged the most in 19 months as El Economista reported the parent plans to sell the company.
The owner of Peru’s largest refiner rallied 9.7 percent to 68 centimos at 1:03 p.m. in Lima after earlier gaining as much as 11 percent in the steepest intraday advance since June 2011. Trading surged to 4.8 times the average full-day volume of the past three months.
Repsol plans to sell the 102,000 barrel-a-day La Pampilla refinery, 200 gasoline stations and the Sol Gas liquid petroleum gas plant to raise $400 million, the Madrid-based newspaper El Economista reported Jan. 6. Repsol spokesman Kristian Rix didn’t return a telephone call and an e-mail message seeking comment.
“There is growing speculation among investors that Repsol will shed its assets here,” Fernando Iberico, an analyst at SAB Inteligo, said in a telephone interview. “Investors picked up Relapasa cheaply after the stock plummeted last year.”
Relapasa tumbled 11 percent in 2012, compared with a 5.9 percent gain by the Lima General Index.