Lasko Group, the parent company of Slovenia's Pivovarna Lasko brewer, has sold a 57.6% stake in Kosovo-based Birra Peja.

The divestment, confirmed in a statement to the Ljubljana stock exchange yesterday (15 July), will see Kosovan fruit juice and dairy products manufacturer Devolli Group pay Lasko EUR14.8m (US$20m) for 14,620 shares in Peja. The transaction, which completed on 12 June, follows news this week that Pivovarna Lasko is on the hunt for an investor.

“The divestment is a milestone in Lasko Group’s financial restructuring process, as defined with creditor banks and specified in the effective restructuring and standstill agreement,” Lasko said in yesterday's statement.

The group said it will "maintain and boost" its core activity of beer brewing in both of its Slovenian breweries - Pivovarna Lasko and Pivovarna Union - that reported a consolidated revenue of EUR170m (USD230m) and joint EBITDA of EUR35m (USD47.3m) in 2013.

The remaining 42.4% of Peja is held by Kosovan businessman Ekrem Lluka.

Owned by Kosovan entrepreneur Blerim Devolli, Devolli Group is based in the city of Istog.