Danish brewer Carlsberg has sold its remaining 13.1% stake in Hite Brewery, the South Korean brewer for approximately DKK1.3bn (Euro 1.75bn).

Carlsberg initially invested in Hite in 1999, holding a stake of approximately 25%. However, in December last year it sold 11.9% of the stake for DKK1.9bn to reduce its group debt.

The brewer said: "This divesture is consistent with Carlsberg's on-going commitment to free-up invested capital from minority positions where there is no clear path to control."