Singapore's Fraser and Neave Ltd (F & N) said on Thursday that its joint venture partner would start arbitration proceedings over the property and drinks conglomerate's stake in Myanmar Brewery Ltd. F & N's joint venture partner is being run by the Myanmar military.

F&N is controlled by Thai billionaire Charoen Sirivadhanabhakdi. The conglomerate currently holds 55% of Myanmar Brewery while Myanmar Economic Holdings Ltd holds the remaining 45%.

The brewery was said to play a small part of F&N's total businesses. According to a Reuters report, losing its stake would sever ties with one of Asia's fastest growing beer markets. F&N's Myanmar beer business posted double-digit growth from previous year in a latest earnings filing.

Myanmar Brewery manufactures beer brands such as Myanmar Beer, Myanmar Double Strong, and Andaman Gold. It is estimated to have an 83% share of the country's rapidly growing beer market, said F&N in a recent presentation.

F&N had said in a statement the Myanmar company was trying to obtain its share in the brewery by citing a joint venture agreement. MEHL officials could not be reached for comment.