STOCK DAMAC  Nine Elms
DAMAC Nine Elms. Dubai's Damac Properties said it may increase its shareholding in a project in London. Image Credit: SUPPLIED

Dubai: Dubai's Damac Properties  said it may increase its shareholding in a project in London, hours after the shares surged to a two-year high amid comments on a potential deal.

The stock had climbed as much as 14.3 per cent earlier on Sunday, the most in two months, after the property developer said its board will meet on Dec. 23. to consider an acquisition. Damac shares later pared gains, trading up 4 per cent at 2:40 p.m. local time.

The company said the acquisition relates only to increasing its current shareholding in the Nine Elms project in London. "There are no other acquisition deals that have been submitted to the company's board of directors for the purposes of consideration and discussion," it added.