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Shares of Asia Pacific Breweries (APB), the maker of Tiger beer, have risen after Heineken made a bid to buy the remaining stake in the firm it does not already own.

Its shares rose as much as 17% to 49 Singapore dollars on the Singapore Exchange.

On Friday, Heineken offered to pay S$50 per share to buy the APB stake owned by Singapore-listed firm Fraser and Neave.

APB is one of the biggest brewers in Asia.

Shares of Fraser and Neave (F&N) also rose 5% in early trade.

The bid by Heineken comes at a time when beer companies have been trying to get a bigger share of the fast-growing market in the region.

Thailand's biggest brewer, ThaiBev, has also offered to buy shares in F&N and APB.

F&N has <link> <caption>said in statement</caption> <url href="http://www.fraserandneave.com/library/FNL-Offer%20to%20acquire%20the%20Company's%20interests%20in%20APBLand%20APIPL-20Jul2012.pdf" platform="highweb"/> </link> that its "board is considering the offer from Heineken, which remains open for acceptance until 27 July 2012".

However, analysts said that it was not clear whether F&N will accept Heineken's bid.

"There's still some uncertainty as it is not clear how F&N will react to the offer," said Goh Han Peng, an analyst at DMG & Partners Securities.

Mr Goh added that if F&N shareholders reject Heineken's bid, the firm "may come up with a hostile offer for APB, meaning they will go to the minority shareholders".