Australian firm Colonial Sugar Refining (CSR) company assured on Monday it will continue to pursue its talks with China's Bright Food Group on the sale of its sugar operations, however, no final offer has been set.

The company said it has been in talks with Bright Food Group over its sugar product, Sucrogen, while it goes ahead on its plans to de-merge the business.

"CSR confirms that, in line with its previous advice to the market, CSR continues to engage in discussions with Bright Food, however no final offer has been received or terms agreed," a company spokesperson said in a statement.

The statement follows after media claims that a $1.6 billion offer from Bright for the firm in April may be validated before CSR's board meeting commences tomorrow.

Two sources familiar with the situation disclosed to Reuters that there was no formal bid at hand but Bright still expresed its interest in Sucrogen.

Senior Bright Food executives have recently visited Australia to meet with CSR officials, cane growers, and the Queensland state government.

CSR is a building manufacturer with sugar businesses and investments in aluminum.

Bright Food Group is a conglomerate in China's food industry. The firm was established in 2006 and owns four other companies in China.