Shares of Vitasoy International (0345) rose as much as 10 percent on Tuesday morning after Singaporean billionaire Philip Ng Chee-tat once again increased his stake in the company.

Kuang Ming Investments, owned by Philip Ng, bought 866,000 Vitasoy shares on February 5 at an average price of HK$8.69 per share, totaling HK$7.52 million, according to a filing.

This raises Kuang Ming Investments’ stake in Vitasoy to over 8 percent.

Ng has expanded his stake in Vitasoy mainly through Yeo Hiap Seng and Kuang Ming Investments.