Guangdong Brewery Holdings has moved to quell speculation that it is in talks about a stake sale. Shares in the company soared by a third yesterday, amid rumours that there may be a possible overseas investment in the firm.

In a telephone interview with Reuters, chairman Ye Xuquan said: "We have no intention to sell our stake to any foreign companies. We have not held any talks at all." Ye also said that the company had no intention of selling a stake before the end of this year or early next year.

Separately, Heineken Asia Pacific Breweries China Pte Ltd, Heineken NV's joint venture with Singapore's Asia Pacific Breweries, said yesterday that it will consider raising its stake in Guangdong "if an additional stake becomes available", a spokeswoman for Heineken said.

"As our CEO said earlier, if an additional stake becomes available, we will consider it," Heineken Asia Pacific spokeswomen Sarah Koh told AFX-Asia. She declined to say, however, if the company is currently in talks over a stake acquisition.

Earlier this year, Heineken Asia Pacific acquired a 21.5% stake in Guangdong Brewery.