SINGAPORE: On Friday, a Thai businessman and owner of ThaiBev Charoen Sirivadhanabhakdi increased their offer for Singapore's Fraser & Neave in an effort to win over shareholders who are expected to vote to approve Dutch beer-maker Heineken's previous bid for control of Tiger Beer in the region. The increase in his bid to $7.3 billion in cash for the 70 percent stake in the company has thrown the battle for the company into a free-for-all and experts are uncertain which direction the final decision will take. Last month, Heineken moved a step closer to gaining control of Asia Pacific Breweries after it raised its offer to $4.3 billion to buy Fraser & Neave's interest in the company. The Singapore-based company has already recommended the Heineken offer be accepted by shareholders, who are expected to meet at the end of September to approve the deal, but now the increased bid from the Thai company could see a renewed fight over the company. For two months, ThaiBev and Heineken battled for control of Asia Pacific Breweries, the maker of Tiger beer. Eventually, Heineken sweetened its offer and won over F&N, which agreed to sell its APB stake to the Dutch brewer. Singapore's Fraser and Neave (F&N) said on Thursday that it has announced an extraordinary meeting of shareholders scheduled for September 28 in order to approve Dutch beer company Heineken's offer to take over its brewing business, which includes Tiger Beer. F&N's board has recommended acceptance of the offer, which requires a simple majority of shares, a statement said. Last month, Heineken announced it had increased its takeover bid for Tiger Beer to $6.35 billion. The announcement sent the stock soaring as hopes for the Dutch takeover grew in the country. The increase in the bid came only days after Heineken had already boosted its price for the purchase of Southeast Asia's top beer maker. The Dutch brewer said in a statement that it would pay 5.6 billion Singapore dollars ($4.5 billion), up from about 5.3 billion Singapore dollars, and has received a commitment from the board of Fraser & Neave that it would not solicit or accept other offers for Asia Pacific Breweries, the maker of Tiger beer. In what is being described as a surprise move, the Thai company linked to beverages tycoon Charoen Sirivadhanabhakd on Tuesday offered S$55 (US$44.34) for an additional 7.3 percent stake in Asia Pacific Breweries (APB), the makers of Tiger Beer. This was higher than the S$50 per share offered previously by Heineken, which already owns 42 percent of APB, for the 40 percent stake held directly and indirectly by its longtime partner Fraser and Neave (F&N). “The new Thai bid for the Fraser and Neave stake in Asia Pacific Breweries reflects a broader trend of the ascendancy of Asian multinationals," said Rajiv Biswas, Asia-Pacific chief economist at research group IHS Global Insight. “This is evident in the global brewing industry, with companies from Japan, China, Thailand and the Philippines building their global footprint and competing fiercely with North American and European firms." Thai Beverage PCL said on Saturday that it had secured loans worth 2.8 billion Singapore dollars to fund its acquisition of a 22 percent stake in the Singapore beverage company Fraser & Neave. . The loans, with a tenure of one year, will be provided by HSBC Holdings, Standard Chartered PLC and Sumitomo Mitsui Banking Corp., ThaiBev said in a statement to Singapore Exchange. ThaiBev, which is owned by Thailand's second-richest person, Charoen Sirivadhanabhakdi, also said that it will finance the entire transaction through loans, a change from its earlier announcement of a combination of internal and external funding. The company plans to buy the combined 22 percent stake in Fraser & Neave owned by Oversea-Chinese Banking Corp. and partners. HSBC and Morgan Stanley are advising ThaiBev on the acquisition. The announcement comes a day after Fraser & Neave's board accepted a separate S$5.1 billion offer from Heineken to acquire the Singapore company's stake in Asia Pacific Breweries which is controlled by their joint venture. Heineken currently owns 41.9 percent of Asia Pacific Breweries and taking Fraser & Neave's 40 percent will give the Amsterdam company a distinctive edge over ThaiBev. The battle has sparked a small battle over the future of beer in the region, with Heineken seen as attempting to ensure it maintains its status as a leader in the region.