Macmahon Holdings has received a fresh offer for its construction projects from Sembawang Australia.
On Thursday, 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.
"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."