A Myanmar conglomerate has asked Singapore High Court to order food and drink company Fraser and Neave Ltd (F&N) to transfer its 55 percent stake in Myanmar's biggest brewery to the Myanmar firm by Aug. 20 in a dispute over a deal dating back to 2013 over the holding's value.

Government-backed Myanmar Economic Holdings Ltd (MEHL) plans to pay F&N 500 billion Myanmar kyat for the stake in Myanmar Brewery, a price set by an independent valuer. That fee is equal to $407 million at current exchange rates.

But F&N, backed by Thai tycoon Charoen Sirivadhanabhakdi, says the sale should be completed in U.S. dollars based on a 2013 exchange rate, estimating the fair value of its stake to be $560 million.

MEHL first started arbitration over the stake in 2013, winning the case last year. It had originally offered F&N $246 million.

"By choosing to refuse to complete the sale at $560 million, MEHL has not abided by, evinced an intention not to abide by, and has breached, its obligations," F&N said in a statement.