ThaiBev has said it is working with another group to explore the possibility of making an offer for Singapore food and drink group FRASER and Neave.

In a filing to the Singapore Stock Exchange today (11 September), the Chang brewer confirmed that a “party acting in concert with the company” is eyeing a move for the conglomerate. It did not name the party it is acting with.

ThaiBev has a 29% stake in F&N, having been building its shareholding in the group in recent weeks. The move has been seen as a bid to block Heineken‘s attempts to take full control of Asia Pacific Breweries, which the Dutch brewer runs as a JV with F&N.

However, today’s filing said there was “no certainty” that an offer will materialise from ThaiBev and its anonymous partner.

Last month F&N’s board accepted a second offer from Heineken’s for its stake in APB. F&N said last week that it will hold a shareholder vote on the Dutch brewer’s offer on 28 September.