First Pacific scored its best one-day gain in two months yesterday as the successful disposal of its stake in Dutch-based trading company Hagemeyer brought out the buyers. The stock led all blue chips in percentage gains, jumping 11.25 per cent to $4.45, amid a healthy volume of 10.32 million shares. The surge came as the company yesterday said the remaining 5.3 million shares of its 40.9 million share stake in Hagemeyer had been sold, boosting the amount it would receive from the sale to $13.75 billion. The remaining shares - held back as a 'greenshoe' element - were sold to the offering's joint lead managers, ING Barings and SBC Warburg Dillon Read. The greenshoe shares were sold for 89 guilders (about HK$334) each - the same price at which the rest of the shares were sold to institutions in Europe and the United States last week. First Pacific said it should receive the funds from the sale of its 39.7 per cent Hagemeyer stake tomorrow. Brokers said a number of top international institutions were actively chasing the stock after the deal was concluded. Bear Stearns Asia vice-president Scott Benesch said: 'It is very simple. There was a delayed reaction by institutional investors to the successful disposal of its stake in Hagemeyer.' Despite the rally, First Pacific is still well down from its highs of last year. The stock had traded at $9.90 when the market closed for the handover in June, before plunging to $1.88 in January at the height of the region's currency crisis.