March 28 (Bloomberg) -- Evraz Highveld Steel and Vanadium Ltd. surged the most on record after its parent company, Russia’s largest steelmaker Evraz Plc, said it will dispose of its majority stake in the South African unit.
The stock surged as much as 81 percent, the most since at least August 1990, when Bloomberg started compiling the data. It was 80 percent higher at 24 rand by 9:37 a.m. in Johannesburg. About 153,000 shares changed hands, or more than nine times the daily average over the last 90 days. Evraz Plc will sell its stake for $320 million to Nemascore (Pty) Ltd., a black-owned South African company, it said in a statement yesterday.
The country requires companies to have ownership of local assets by black investors to redistribute wealth to those disadvantaged under apartheid.
Evraz Highveld has gained 90 percent since its record-low close of 12.61 rand on Jan. 22. The FTSE/JSE Africa All-Share Index declined 0.3 percent over the same period.
To contact the reporter on this story: Jaco Visser in Johannesburg at email@example.com
To contact the editor responsible for this story: John Viljoen at firstname.lastname@example.org