SINGAPORE (Nov 24): Nan Fung International Holdings, which made a bid for Forterra Trust early this month, has raised its offer price to $2.25 a share from $1.85 previously.

Nan Fung, a privately-held property developer in Hong Kong and mainland China, said in a statement today that the price will not be revised again.

The new price is 32.4% above Foterra's last traded price of $1.70 before Nan Fung unveiled its initial offer.

The revised offer came after Nan Fung bought an additional 53.9 million Forterra shares at $2.25 apiece through a married deal.

It now owns 51.76% of Forterra, formerly known as Treasury China Trust, which manages and develops commercial properties in China. Before the married deal, it had a stake of 30.79%.

Nan Fung, the second-largest shareholder in Hong Kong-listed Sino-Ocean Land Holdings, has no immediate plans for any major changes to Forterra's business but intends to delist the company if it gets at least 90% acceptances from shareholders.

Besides Hong Kong and China, Nan Fung also has investments in Singapore, Malaysia, South Korea, the UK, the US and New Zealand.