SABMiller (SAB) has issued a first half trading update today detailing its continuing growth in South America and Africa as media reports suggests AB InBev’s (ABI) initial offer has been rebuffed.

SABMiller bought forward its first half trading update because of the takeover talks with AB InBev.

Chief executive Alan Clark said: “Growth accelerated in the second quarter of the year, underpinned by our unmatched footprint in the growing beer markets of the world. We continued to drive strong growth in Africa and Latin America, applying our deep local expertise to markets with favourable long term structural growth dynamics.

“Particular highlights were our very strong lager volume growth in these regions, together with double digit net producer revenue growth in the second quarter in Africa.”

Second quarter volumes were up by 7% in Latin America and 6% in Africa, while volumes dropped by 3% in Asia Pacific and North America and Europe was flat.

Overall second quarter volumes were up by 2% in the second quarter while group NPR was up by 6% on a constant currency basis. This meant first half volumes rose by 1% and group NPR by 4% at constant currency.

On a reported basis, group NPR declined by 9% for both the half and the second quarter due to the translational impact on its results of continued depreciation of key currencies against the US dollar.

Premium lager brands saw volume growth of 4% driven by strong performance in many of its key markets. Global lager brands saw volume growth of 10% reflecting growth across all regions.

Soft drinks volumes were up 4%, with “good performances” across both Latin America and Africa.

In the United Kingdom, group NPR was in line with the prior year as the continued growth of Peroni Nastro Azzurro was offset by declines in the Polish brand portfolio.

The trading update comes as reports emerge suggesting the SABMiller board has turned down AB InBev’s initial takeover offer of slightly above £40 per share informally made last week.

Bloomberg reported SABMiller executives and shareholders are holding out for a deal closer to £45 per share, which would value SAB at £73bn.

SAB’s shares are currently trading at 3,629p having fallen by 3.6% today since the update. The shares hit an all-time high of 3,884.5p after AB InBev’s interest was confirmed last month.