CapitaMalls Asia, Singapore’s largest mall operator, had the biggest gain since going public in 2009 after CapitaLand offered to buy the rest of its mall unit to consolidate some businesses and boost returns.

CapitaMalls Asia surged as much as 22% to $2.21, the largest advance since November 2009, and traded at $2.19 as of 9:05 a.m. local time. CapitaLand, Southeast Asia’s biggest developer, jumped 6.2% to $3.10. The developer bid about $3.06 billion, or $2.22 a share for CapitaMalls Asia, a 23% premium to the last closing price on April 11. Trading resumed today after shares of both companies were halted before the announcement.

“CapitaLand’s offer to take CapitaMalls private is a win- win for both CMA and CapitaLand,” said Tricia Song, Singapore- based analyst at Barclays Plc. “Regaining full control of CapitaMalls should allow CapitaLand more flexibility, including the ability to streamline its organizational structure.”

CapitaLand, which owns 65.3% of CapitaMalls Asia -- whose Singapore malls include ION Orchard and Plaza Singapura along the city’s famed Orchard Road shopping strip -- sold shares in the unit in 2009, raising $2.8 billion. The latest deal will help CapitaLand’s increased emphasis on mixed-use developments, those that include residential, commercial and retail projects, according to Standard Chartered Plc.