The Philippines' largest food and beverage group, San Miguel Corp, has said it is evaluating investment opportunities in Indonesia as part of an expansion programme, but has not made a definite agreement.

The company was clarifying a report in the Philippine Star, which cited San Miguel chairman Eduardo Cojuangco as saying the company is in talks with two to three firms in Indonesia, reported Dow Jones News.

Cojuangco was reported to have said that San Miguel is considering whether to form a new company in Indonesia or acquire existing companies there.