Macmahon Holdings shares jumped by three per cent after it received a fresh offer for its construction projects from Sembawang Australia.
Macmahon has already struck a deal with Leighton Holdings over the sale of its troubled construction business and has rebuffed previous offers by Sembawang.
But Macmahon said it had received another offer from Sembawang valuing the construction business at $35 million.
"The board is considering the proposal and will continue to keep the market informed in accordance with all legal and regulatory requirements," Macmahon said in a statement.
Macmahon's shares rose to a five-month high, closing one cent higher at 34.5 cents.
In a letter to Macmahon, Sembawang said it was prepared to make an unconditional offer, subject only to the execution of a formal sale and purchase agreement with Macmahon.
"Sembawang anticipates that the sale agreement will be on consistent terms as the agreement entered into with Leighton, subject to any required alterations that may be required in order to substitute Sembawang as the purchaser," the letter said.
"For the avoidance of doubt, the offer is not subject to due diligence, finance, board approval, any regulatory or shareholder approvals or any other conditions."