SM Prime Holdings Inc., the largest Philippine shopping mall operator, rose by the most in more than two weeks after winning approval to expand in China, the company’s first overseas venture.

SM Prime climbed 2.6 percent to 8 pesos as of 10:43 a.m. in Manila, on course for its biggest gain since May 7.

The Manila- based company was the second-biggest percentage gainer in the Philippine Stock Exchange Index.

The Philippine Securities and Exchange Commission approved SM Prime’s proposal to buy three malls in China through a share swap, SM Prime said yesterday after trading closed.

The acquisitions will help the company cut its dependence on the Philippines, where it has 33 malls. SM Prime had declined 7.1 percent over the previous three trading days amid concerns that record world oil prices would curb consumer spending in the Philippines.

‘China is one of the fastest-growing and biggest economies in the world,” said Marvin Yap, who helps manage the equivalent of $US 6.7 billion at BPI Asset Management Inc.

‘Adding China into SM Prime’s portfolio should be good for the company.”

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