Thai billionaire Charoen Sirivadhanabhakni raised his bid for conglomerate Fraser & Neave (F&N) from $8.88 per share to $9.55 apiece.
In a filing close to Friday midnight, companies linked to Mr Charoen said that they now hold about 40.45 per cent of the group after buying a 6.3 per cent stake.
The higher price is the first since Overseas Union Enterprise entered the fray with a $9.08 per share offer.
The Securities Industry Council had ordered an auction process to start Monday. This will still continue.