UK-based FrontPoint Management LLP, a unit of Morgan Stanley (MS.N), bought 110,000 more shares of Parkway Holdings (PARM.SI) at $3.85 a share for an investment client, the bank said in an exchange filing.

This adds to the 75,000 Parkway shares that FrontPoint bought last week at $3.83 a share for a “discretionary investment client”.

FrontPoint has bought Parkway shares above Khazanah's offer price of $3.78 a share. Morgan Stanley is the independent financial adviser to Parkway.

Parkway, Asia’s biggest listed hospital operator, is at the centre of a potential bidding war between its two top stakeholders, Malaysian state fund Khazanah and India’s Fortis Healthcare (FOHE.BO).

Separately Pua Muay Kiah, a director of Parkway College of Nursing & Allied Health, sold 10,000 shares at $3.89 in the open market, according to an exchange filing.

Parkway shares were trading 1.6% lower at $3.79 at 11:53 a.m.