Hoe Leong (SGX:H20) allotted and issued 40,333,333 shares pursuant to the vesting of awards under its performance share plan, according to a filing with the Singapore Exchange on Monday.

Following the allotment and issuance of shares, the total number of issued shares of the company has increased to 15,138,518,659 shares.

The new shares are expected to be listed and quoted on the SGX on or around Jan. 7, with trading expected to commence from 9:00 a.m on the same date.

Shares of the global manufacturer and supplier of undercarriage components for heavy equipment surged 50% in recent trading.