Danish brewer Carlsberg has signed an agreement to sell its 59 percent share of Carlsberg Malawi Limited (CML) to French beverage company Castel Group, the company said Wednesday.

Carlsberg said the sale is in line with the Group's new strategy to fully exploit and leverage its strengths while positioning itself for future growth.

As part of the agreement, the Group has agreed on a license agreement with CML to continue to produce and sell Carlsberg in Malawi.

It however did not disclose financial details on Wednesday.

"In line with Carlsberg Group's new strategy, we have evaluated all businesses in order to focus our efforts against a narrower and more precisely-defined set of priorities," said Graham Fewkes, Carlsberg's executive vice-president in Asia.

Officially opened in 1968, CML is the Group's only brewery in Africa and is capable of producing 380,000 hectoliter of beer per year.

The transaction is subject to regulatory and corporate approval. 

Source : XINHUA