Coca-Cola is looking to sell-off a subsidiary, Coca-Cola Korea Bottling Co, in South Korea as the soft drinks market in the country continues to toughen, according to press reports.

The news agency Asia Pulse cited an industry source who said the soft drinks giant has approached four or five companies over the possibility of the sale of one of its two subsidiaries in the country.

The report said that companies approached included South Korean beverage makers Woongjin Foods Co, CJ Food System and Dongwon F&B Co.

However, CCKBC dismissed the report.

"We don't have any reason or plan to sell our company," an official from the company was quoted saying.