Carlsberg has sold off its last remaining shares in South Korea's Hite Brewery.

The Danish brewer, which confirmed yesterday (13 June) that it was pulling out of Hite entirely, has sold its 13.1% stake for DKK1.3bn (US$219m).

"Following completion of this sale, Carlsberg ends a seven-year-long and value-creating involvement as a minority shareholder in Hite," the company 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."

The profit after tax from the transaction will be about DKK440m, Carlsberg said, with the company raising expectations for 2006 net profit to around DKK1.65bn.

In December last year, the company sold 11.9% of its stake in Hite to reduce debt and raised DKK1.9bn (US$304.8m) from the sale. The brewer said at the time that it was part of its strategy to free up cash from minority positions where there was "no clear path to control".

Carlsberg initially bought into Hite six years ago in the hope of attaining majority control. However, the Park family, which holds a 27% shareholding in Hite and has run the brewer for 50 years, refused to cede control.