Carlsberg Group has signed an agreement for the divestment of its 59% stake in Carlsberg Malawi Limited (CML, previously the Bottling and Brewing Group Limited) to Castel Group.

The deal requires regulatory and corporate approvals. Financial details of the transaction have not been disclosed.

"We have evaluated all businesses in order to focus our efforts against a narrower and more precisely-defined set of priorities."

The divestment is in line with Carlsberg Group’s new strategy to exploit and leverage its strengths while positioning itself for future growth.

Under the agreement, Carlsberg has agreed a license agreement with CML to continue to produce and sell Carlsberg in Malawi.

Carlsberg Group executive vice-president for Asia Graham Fewkes said: “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.

"We will continue to be present in Africa, and I am happy that our partners will continue to provide our great beers to the people of Malawi.”