Electronic component supplier New Wave Holdings on Monday said billionaire Koh Wee Meng boosted his stake in the company by purchasing 94.3 million shares.
Koh has invested S$1.2 million at S$0.013 per share via off-market transaction, the company said in a regulatory filing.
As a result, Koh now owns a stake of 19.4 percent from 13.5 percent earlier, which is still below the 30 percent threshold that would trigger a mandatory general offer.
Koh, who is chief executive of Fragrance Group, is seeking majority control of the company, but intends to keep New Wave listed. His offer will be conditional upon obtaining a majority stake in New Wave.
Should the acquisition be successful, he intends to continue with the company's existing activities and has no intention to introduce major changes, redeploy fixed assets, or terminate any existing employees.
Koh first emerged as a substantial shareholder of New Wave in 2013, and has steadily built up his shareholding through open-market purchases over the years.
Shares in New Wave ended unchanged at S$0.01 on the Singapore Exchange. The stock has gained 63 percent over an year.