Hotel Properties, owner of the Four Seasons hotels in Singapore and Bali, jumped the most in almost five years after founding shareholders agreed to buy the stock they don’t own for $749 million.

The shares surged 13% to $3.54 as of 12:19 p.m. in Singapore trading, set for the biggest gain since May 2009. A company led by managing director Ong Beng Seng and Wheelock Properties Singapore, which jointly own 41.91% through six stakeholders, offered to buy the shares at $3.50 each, according to a statement to the Singapore stock exchange.

Hotel Properties, which also owns the Hilton and Concorde properties in Singapore, has 28 resorts and hotels in countries including the U.S., Malaysia and the Maldives. It also develops luxury condominiums in the island-state and Thailand. The decision to combine will help “enhance value over time,” the company said in the statement.

“The partnership between Ong Beng Seng and Wheelock will work out well,” said Terence Wong, head of research at DMG & Partners Securities Pte in Singapore. “Hotel Properties has underperformed compared to their potential so this venture will help in co-development of properties.”

Wheelock Properties rose 3.7% to $1.81, heading for the biggest increase since December 2012.

Ong owns the majority of Cuscaden Partners, which in turn holds 60% of the venture making the bid, according to the statement. Wheelock’s Nassim Developments Pte owns a 40% stake in the joint venture.