MANILA - (UPDATE) SM Investments Corp said Tuesday it was in "preliminary" talks for a possible equity investment or joint venture with Goldilocks Bakeshop.

If the deal materializes, it will mark SM's first foray into the restaurant business. The conglomerate owned by tycoon Henry Sy operates SM Supermalls and the country's largest lender, BDO Unibank.

The conglomerate is turning to the fast-growing food and restaurant business, where Jollibee Foods Corp and Max's Group are delivering strong growth, COL Financial research head April Lee Tan told ABS-CBN News.

Last March, SM took a 34.5-percent stake in 2GO, marking its first foray in the logistics business.

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SM Investments told the stock exchange it was in "preliminary discussions for a possible equity investment, joint venture or other cooperation arrangement with Goldilocks Bakeshop."

"However, the said potential investment is pending and subject to regulatory approval by the Philippine Competition Commission," it said.

SM Investments shares were up 0.43 percent to P824.50 in early trading. -- with a report from Warren de Guzman, ABS-CBN News