MANILA - The operator of Family Mart convenience stores in the Philippines said Monday it was "exploring various options" to grow its business.

The joint venture between Ayala Land and luxury retailer SSI Group, SIAL CVS Retailers Inc, issued the statement after the Philippine Daily Inquirer reported that the business was up for sale.

"No definite course of action has been finalized and appropriate disclosures will be submitted to the PSE in a timely manner," Ayala Land said in a disclosure to the stock exchange.

Family Mart is a relative newcomer in the Philippine convenience store market that is dominated by 7-Eleven, run by Philippine Seven Corp and Mini Stop, operated by Robinsons Retail Holdings.