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.

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.

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.