Singapore-based developer and landlord Perennial Real Estate Holdings on Wednesday said its largest shareholder Kuok Khoon Hong raised his stake in the company to 20 percent.
Billionaire Kuok is the chief executive officer of Wilmar International, the world's largest palm oil trader.
Kuok, Singapore's eighth richest man according to Forbes, also holds stake in billionaire Zhong Sheng Jian's Yanlord Land.
A filing made by Perennial to the Singapore bourse showed that WCA Pte, a wholly-owned subsidiary of Wilmar, bought 51,716,597 shares in the realty firm via an off-market transaction.
Kuok increased his deemed interest in Perennial to 20 percent from 16.9 percent, Perennial said in a statement.
The filing did not mention the price at which the shares were purchased.
Shares in Perennial Real Estate Holdings ended unchanged at S$0.84 on the Singapore Exchange. The stock has risen about 2 percent over an year.