Denmark-based brewer Carlsberg Group has reached an agreement to acquire the remaining 25% stake in its Cambodian joint venture Cambrew.

Financial details of the acquisition are yet to be divulged by either company.

Carlsberg CEO Cees’t Hart said: “The agreement is in line with our strategic priority of growing our business in Asia and in a beer market that offers appealing long-term growth opportunities.”

As one of the largest brewers in the Kingdom of Cambodia, Cambrew produces Cambodia’s most popular beer brands, Angkor Premium Beer, while also producing Pepsi bottles for the Cambodian market.

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Cambrew has been developing Cambrew and the Angkor Premium Beer brands for almost three decades.

Last August, the Danish brewer signed an agreement to increase its stake in Cambrew from 50% to 75% and Cambrew agreed to retain its 25% in the company.

Concurrently, the company in its trading statement reported sales $2.76bn for the third quarter of the year.

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Hart said: “We’re pleased that we’ve been able to deliver solid revenue growth for the quarter despite tough comparables from last year. In particular, the Asia region continued its very good performance.

“The top line in Western Europe was solid in spite of challenging comparables from the very warm and dry summer last year, while we had difficult comparables in Russia and faced challenges that negatively impacted our market share year-over-year.

“Our earnings upgrade earlier this week is another proof point of the execution of SAIL’22 and a consequence of our improved geographical footprint, as solid earnings performance in China and Western Europe more than offset the challenges in Russia.”