The Philippine food and drink giant San Miguel has confirmed that it is in negotiations to invest in Coca-Cola’s Vietnamese subsidiary, Coca-Cola Indochina.

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In a statement to the Philippine Stock Exchange the company said: “The company is in talks with Coca-Cola Indochine Pte Ltd., but no agreements have been reached.”


No further details were available.


The statement comes after a report in the newspaper BusinessWorld, which cited an anonymous source as saying San Miguel is in talks to acquire Coca-Cola Indochine as part of its bid to expand its presence in the Asia-Pacific region.


Last month, San Miguel chairman Eduardo Cojuangco revealed that he was keen to see the company expand operations into further Asian markets.

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At present San Miguel has businesses in Hong Kong, Indonesia, Vietnam, China and Australia.


But in a bid to generate better returns, Cojuangco said San Miguel is looking to expand into Thailand, Malaysia and Cambodia.