The Belgian brewing conglomerate, Interbrew, has announced that it has sold its minority stake in Namibian Breweries to UK-based drinks group, Diageo, and the Dutch brewer, Heineken.
Interbrew said it had sold the 28.9% stake for €31m (US$33.41m). Namibian Breweries is the only brewer in the country and produces around 1.2m hectolitres of beer a year.
Interbrew also announced that it had extended its licence agreement with Namibian Breweries for the production, marketing and distribution of the Beck’s brand in Namibia and South-Africa for a further 10 years.
Interbrew acquired its 28.9% stake in the brewer as part of its acquisition of the German brewer, Beck’s, in February 2002.