Shares of property firm Hartawan Holdings jumped as much as 26% on Tuesday after it said it plans to buy an Indonesian gold mining firm in a reverse takeover deal worth $300 million.
At 11:23 a.m., shares of Hartawan were 14.3% higher at $0.136 with over 32.7 million shares changing hands. This was 5.4 times its average daily volume over the last five sessions.
Hartawan plans to issue 1.5 billion new shares at $0.20 each in exchange for Wilton Resources Holdings. The issue price is a 68% premium to Hartawan’s last traded price of $0.119 on Oct 27, Hartawan said in a statement.
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