The Singapore-based company, Fraser & Neave, which includes a 40% stake in Asia Pacific Breweries among its activities, has dismissed speculation that it is in talks to sell assets or shares to the Philippines group, San Miguel Corporation (SMC).

In a submission to the Singapore Stock Exchange, F&N said it "would like to clarify that it is currently not in any discussion or negotiation with the San Miguel Corporation."

The statement was in response to press reports in the Philippines which had suggested that San Miguel was planning to acquire a stake in F&N or buy assets from the company this year.