Singapore-based food and drink maker Fraser & Neave is to sell a 22% stake in its company to ThaiBev.

In a filing to the Singapore Stock Exchange, Chang brewer ThaiBev said it had reached agreements with Oversea-Banking Chinese Corps (OCBC), Great Eastern Holdings and Lee Rubber Company (GEH) to buy the stake in the firm. The deal is valued at SGD2.78bn (US$2.21bn).

Reports had surfaced earlier this week that a mystery bidder had made an offer to buy the OCBC and GEH’s combined stake in Fraser & Neave and Asia Pacific Breweries.

In a separate announcement today, Heineken said it made a bid to take full control of Asia Pacific Breweries, the venture it runs with Fraser & Neave. Heineken has tabled a bid worth SGD5.1bn. Fraser & Neave said it was “considering” the offer.