Shares of Singapore-listed China XLX Fertiliser <CXLX.SI> rose as much as 6% on Monday on plans to construct a fourth urea production plant in China for 3 billion yuan ($592 million), traders said.

At 9:29 a.m., shares of China XLX were up 4.3% to $0.605, and 6.2 million shares had changed hands.

The expansion, which is expected to be completed by the end of the firm’s 2013 financial year, will raise its urea production capacity to over 2 million tons per year, the company said.

“With this increase in scale, the group will reinforce its position as one of the leading fertiliser producers in the PRC in terms of production capacity,” the firm said in a statement.