Shares of the mine rehabilitation firm Bluebird Merchant (ASX:SAU) based in South Korea have seen an impressive increase, surging by up to 28% to 0.800p.

This significant hike positions the firm among the top percentage gainers across the London stock exchange.

The primary driver of this surge is Catalyse’s decision to purchase the 122.5 million shares in the company held by the largest shareholder, Southern Gold (ASX:SAU).

Catalyse has committed to an initial purchase of 22.5 million shares in Bluebird at 0.55p each.

The remaining shares will be purchased over the course of four subsequent tranches.

Currently, Southern Gold’s stake consists of 122.5 million shares, representing a substantial 17.8% of the company’s issued capital.

Despite the recent surge, Bluebird’s overall share performance for the year shows a decline of around 57%.

Bluebird Merchant (ASX:SAU) is a South Korea-focused mine rehabilitation company.