San Miguel expands food business

San Miguel Corporation, the Philippines top food and beverage firm, is interested in acquiring two local condiment firms as part of a strategy to expand its food business, BusinessWorld newspaper reported on Thursday. San Miguel is considering buying unlisted Southeast Asia Food Inc, a sauce manufacturer, and soy sauce and condiment maker Silver Swan Manufacturing Co, the paper said, citing unnamed industry sources.San Miguel​officials were not immediately available for comment.The local market for condiments is considered to be worth just two billion pesos, analysts said. San Miguel earlier said it was keen to acquire more companies involved in its core business of food and beverages.The firm has been building its core businesses over the past two years. It recently acquired meat processing firm Pure Foods Corp and regained control of Coca-Cola Bottlers Philippines in a share swap with Australia's Coca-Cola Amatil. San Miguel said last month it is in talks to acquire a substantial stake in local soft drink firm Cosmos Bottling Corp but the two parties have been unable to agree on a price.