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HOTEL and property magnate Koh Wee Meng, who failed last week to take a majority stake in electronic component supplier New Wave through a cash offer bid, has upped his stake in the company through an open-market purchase.
Mr Koh, who runs Fragrance Group, spent some S$1.23 million to mop up some 94.3 million shares at S$0.013 per share on Dec 1. The purchase raised his stake in New Wave to 19.4 per cent from 13.5 per cent.
His offer to take control of New Wave lapsed on Nov 30.
The number of valid acceptances represented 19.2 per cent of the company's total shares, well short of the over 50-per-cent level required for the cash offer to take effect.
Mr Koh had offered to buy over the shares at S$0.013 apiece. He said he was seeking majority control of the company, but intended to keep New Wave listed.
Mr Koh first emerged as a substantial shareholder of New Wave in 2013 after building up his shareholding through open-market purchases over the years. When he launched his offer, he owned about 180 million shares, or about 11.26 per cent of the company's stock.