Singaporean tycoon Philip Ng Chee Tat has amassed a stake in Vitasoy International (HKG:0345) nearly matching that of the soy milk maker's executive chairman, the South China Morning Post reported Tuesday.

The move has raised the prospect of a potential takeover bid, according to the report.

Ng, via his food-and-drink firm Yeo Hiap Seng and his family office, reportedly lifted his holdings to 16.03% after acquiring 570,000 shares at an average of HK$8.94 each, or about HK$5.1 million.

Winston Lo Yau-lai, Vitasoy's chairman, owns 16.37%, SCMP said.

Ng's previous disclosure in July showed he bought 1.85 million shares at an average HK$9.20, bringing his stake to 15.06%, the report added.

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